Within his freshly published autobiography, named Ithaki, the former leader Alexis Tsipras spares no criticism as he reflects on that turbulent era during Greece's financial crisis.
A Controversial Appointment
As per Tsipras's version, he chose the unorthodox academic Varoufakis as the finance minister mainly because of the latter's worldwide fame along with his very persuasive abilities as a communicator.
“He was, truthfully, more of a personality rather than an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis possessed a personal agenda which included advancing his books as well as testing out his economic models on the nation instead of genuinely advocating the country's financial survival.
Tsipras explained how those talks to prevent bankruptcy were “not just a way of achieving a better deal for the country. They became a test, an historic opportunity to demonstrate the validity of his ideas.”
High-Stakes Talks
During tense discussions, Greece found itself perilously close to leaving the single currency area.
On the line was both Greece's destiny but also those harsh austerity policies required in exchange for rescue loans by international creditors.
Failed Options
Attempts to find financing elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, were rejected.
Assisting the indebted country was equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, those excoriating conditions were subjected to a public vote, an action that plunged the EU into a deeper existential crisis.
Although the vote was carried resoundingly by voters against the cuts, the prime minister was forced but to ignore the result then agree to a rescue deal from foreign lenders which turned out to be tougher.
Final Straw
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who appeared on the front pages of magazines globally … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency as well as distributing vouchers to pensioners, the leader said he realised it was game over questioning him: “Can you be serious?”
Lasting Criticism
Within the memoir, the author concludes how Varoufakis demonstrated himself to be “unfit for a deal demanding intricate and sensitive handling.”
Tsipras also wrote that his confrontational style made him more and more alone with colleagues, put Greece at risk, and assisted hardliners that were advocating Grexit.
This account of events has been met with anger along with stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence regarding these claims.
