Within his newly released personal account, named Ithaki, the ex- leader Alexis Tsipras spares no criticism as he revisits that chaotic period during Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's version, Tsipras chose the maverick economist Varoufakis as the treasury head mainly because of the latter's global profile along with Varoufakis's “extremely attractive” abilities as a speaker.
“In reality, he was, in reality, more like a personality and less of an economist,” recalled Tsipras.
Clashing Priorities
The former leader alleges that Varoufakis had a personal motives that involved promoting Varoufakis's books as well as experimenting with his own theories on the nation rather than truly advocating the country's financial survival.
He noted how the negotiations to avoid bankruptcy were “not just a way of achieving a better deal for the country. They became an experiment, an historic chance to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
During rollercoaster discussions, Greece found itself dangerously close to exiting the eurozone.
On the line was both Greece's destiny and those harsh austerity measures required in return for financial aid by international creditors.
Failed Options
Efforts to find financing elsewhere, including an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, those excoriating conditions were put to a popular referendum, an action that threw the EU into further existential crisis.
Even though the referendum was won decisively by those against the cuts, Tsipras had little option but to ignore the result and agree to a bailout package from creditors which proved to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who attracted media attention, who graced the covers of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy involving creating a parallel currency and distributing vouchers to retirees, the leader knew that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, the author asserts that Varoufakis had proved himself “unsuitable for an agreement that required complex and sensitive handling.”
He also claimed how his confrontational style left him increasingly isolated among peers, put Greece at risk, and helped hardliners who were pushing for Grexit.
The account of history has been met with anger along with stunned disbelief in some quarters, while Varoufakis has maintained a conspicuous quiet on the matter.
