Within his freshly published personal account, called Ithaki, the ex- leader Alexis Tsipras pulls no punches as he reflects on that chaotic period during Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's recollections, he appointed that unorthodox academic Varoufakis to be his treasury head largely due to the latter's worldwide fame and his very persuasive abilities when it came to speaker.
“In reality, he was, truthfully, more like a personality and less of an economist,” stated Tsipras.
Clashing Priorities
The former leader alleges how Varoufakis possessed his own motives which involved advancing his books and testing out his own economic models on Greece rather than genuinely fighting for its financial survival.
He wrote how the discussions to avoid insolvency became “not just a way of achieving a better deal for the country. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Talks
Amid tense discussions, the country came perilously on the brink of leaving the single currency area.
At stake was both Greece's future and the punishing austerity policies required in exchange for bailout funds from international creditors.
Failed Options
Efforts to find financing elsewhere, such as an urgent appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece would be equivalent to throwing money into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, those punitive bailout terms were put to a public vote, a move that threw Europe into deeper existential crisis.
Even though the referendum was won resoundingly by those who opposed the cuts, the prime minister was forced but to ignore the result then agree to a rescue deal with creditors that proved to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who graced the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a contingency plan involving establishing a secondary currency as well as distributing coupons to retirees, Tsipras knew it was the end and asked him: “Is this for real?”
Lasting Rebuke
In the book, the author asserts how Varoufakis had proved himself to be “unfit for a deal demanding complex and sensitive handling.”
Tsipras also wrote that Varoufakis's confrontational approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks that were pushing for Grexit.
The account of history has provoked anger along with stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet regarding these claims.
