Within his newly released personal account, titled Ithaki, the former premier Alexis Tsipras pulls no punches as he reflects on that chaotic era during Greece's debt drama.
A Controversial Choice
According to the ex-PM's version, Tsipras selected the unorthodox academic Varoufakis as the treasury head mainly due to his global profile along with his highly compelling abilities as a public orator.
“In reality, he was, truthfully, more of a celebrity and less of an economist,” stated the 51-year-old.
Conflicting Agendas
The former leader alleges how Varoufakis possessed a personal agenda that involved promoting Varoufakis's publications as well as testing out his game theories on the nation instead of truly fighting for the country's economic stability.
He wrote that the negotiations to prevent insolvency became “not only a method to secure improved terms for the country. They were a test, a monumental opportunity to prove the truth of Varoufakis's theories.”
Critical Talks
Amid rollercoaster negotiations, Greece found itself perilously close to exiting the single currency area.
On the line lay not only the country's future and the punishing austerity measures demanded in return for financial aid from foreign lenders.
Unsuccessful Options
Attempts to secure financing from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Helping Greece would be tantamount to tossing cash in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those excoriating bailout terms were put to a popular referendum, an action that plunged the EU into further crisis of identity.
Even though the vote was won decisively by those against austerity, Tsipras had little option but to reject its outcome then agree to a rescue deal with creditors that turned out to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who drew media attention, who graced the front pages of publications globally … he gave the impression he relished his new role.”
After Varoufakis proposed a backup strategy that included creating a parallel currency as well as distributing coupons to pensioners, the leader knew that it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the book, the author concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive management.”
He further claimed that his confrontational approach left him more and more alone among peers, endangered the country, while assisted hawks who were pushing for Grexit.
The account of history has been met with fury and shock among certain groups, while Varoufakis has so far maintained a conspicuous quiet regarding these claims.
