Within his freshly published autobiography, titled Ithaki, the former premier Alexis Tsipras spares no criticism as he revisits that chaotic period of Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's version, Tsipras chose that unorthodox economist Varoufakis to be the treasury head mainly due to the latter's global profile and Varoufakis's highly compelling skills as a public orator.
“He was, truthfully, more like a star and less of an economist,” stated Tsipras.
Clashing Agendas
Tsipras suggests how Varoufakis had a personal agenda that included advancing Varoufakis's books and testing out his game theories on the nation instead of genuinely fighting for the country's financial survival.
He explained that those discussions to avoid bankruptcy became “not just a method of achieving a better deal for the country. They were an experiment, an historic chance to demonstrate the truth of his theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself perilously on the brink of leaving the eurozone.
At stake was both the country's future and those punishing austerity measures demanded in return for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to secure funds from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece was tantamount to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, those harsh bailout terms were subjected to a public vote, a move that threw the EU into further crisis of identity.
Although the referendum was carried resoundingly by voters who opposed austerity, the prime minister was forced to ignore the result then agree to a bailout package from creditors that proved to be even harsher.
Breaking Point
Tsipras claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who drew publicity, who graced the covers of magazines the world over … he gave the impression he relished his new role.”
When the minister outlined a backup strategy that included establishing a parallel currency and distributing coupons to retirees, Tsipras said he realised it was the end questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras asserts that his former ally had proved himself to be “unsuitable for an agreement demanding intricate and delicate management.”
He also wrote how his aggressive approach made him more and more alone with colleagues, put Greece at risk, and helped hawks that were advocating a Greek exit from the euro.
The account of events has been met with fury along with shock among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.
