Within his newly released personal account, called Ithaki, the ex- leader Alexis Tsipras spares no criticism while he examines that chaotic period during Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's account, he appointed the maverick academic Varoufakis as his finance minister mainly due to the latter's global profile and his very persuasive skills as a speaker.
“He was, in reality, more of a star rather than an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader alleges that his finance chief possessed a personal agenda which included advancing his books and testing out his own economic models using the nation instead of genuinely fighting for the country's financial survival.
He wrote that those negotiations to stave off bankruptcy were “not only a way of achieving a better deal for Greece. They were an experiment, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid rollercoaster negotiations, the country came dangerously close to leaving the eurozone.
On the line was both the country's destiny but also the severe austerity measures required in exchange for financial aid from foreign lenders.
Failed Alternatives
Attempts to secure funds elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, the harsh bailout terms were put to a popular referendum, an action which threw the EU into a further existential crisis.
Even though the vote was won decisively by those who opposed the cuts, the prime minister was forced to ignore the result and agree to a bailout package from foreign lenders which proved to be more severe.
Breaking Point
Tsipras claimed that he started questioning Varoufakis quite early on.
“He was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of publications globally … it seemed he relished his new role.”
After Varoufakis proposed a contingency plan involving establishing a secondary currency as well as distributing coupons to retirees, Tsipras knew that it was the end and asked him: “Can you be serious?”
Enduring Criticism
In the memoir, the author asserts that Varoufakis demonstrated himself “unfit for an agreement demanding complex and sensitive handling.”
He further claimed that Varoufakis's confrontational style made him increasingly isolated among peers, endangered the country, while helped hardliners that were pushing for a Greek exit from the euro.
This account of history has been met with anger along with shock among certain groups, while Varoufakis has so far maintained a conspicuous quiet regarding these claims.
