Within his freshly published memoir, titled Ithaki, the former premier Alexis Tsipras spares no criticism while he examines that turbulent period during Greece's financial crisis.
A Controversial Choice
In the ex-PM's recollections, Tsipras chose that unorthodox economist Varoufakis to be the finance minister mainly due to the latter's worldwide fame along with his very persuasive skills as a communicator.
“He was, truthfully, more like a celebrity and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras alleges that Varoufakis possessed a personal agenda which involved promoting his publications as well as testing out his own economic models using Greece instead of truly fighting for the country's economic stability.
He noted that those talks to avoid bankruptcy became “not only a way to secure a better deal for the country. They were an experiment, a monumental chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster negotiations, Greece came perilously close to exiting the single currency area.
At stake was both the country's destiny and those harsh austerity measures demanded in return for bailout funds from foreign lenders.
Unsuccessful Options
Efforts to find funds elsewhere, such as an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, those harsh bailout terms were put to a public vote, a move which plunged Europe into a deeper existential crisis.
Although the referendum was carried resoundingly by those against the cuts, the prime minister was forced but to ignore the result and agree to a bailout package with foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM revealed how he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who drew media attention, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as issuing coupons to pensioners, the leader knew that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, the author asserts how his former ally demonstrated himself to be “unfit for an agreement demanding intricate and sensitive management.”
He also wrote that Varoufakis's confrontational style made him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were pushing for a Greek exit from the euro.
The retelling of events has provoked anger and stunned disbelief in some quarters, while the former minister has so far maintained a conspicuous quiet regarding these claims.
