Within his newly released personal account, named Ithaki, the former prime minister Alexis Tsipras spares no criticism as he reflects on that chaotic period during Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's recollections, Tsipras appointed the maverick academic Varoufakis as the treasury head mainly because of the latter's international reputation and his “extremely attractive” skills when it came to public orator.
“He was, actually, more of a celebrity rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader alleges how Varoufakis possessed a personal motives which involved promoting his books and testing out his own theories on Greece instead of truly advocating the country's economic stability.
He wrote how the discussions to avoid bankruptcy became “not only a method of achieving improved terms for Greece. They became an experiment, an historic opportunity to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Talks
During rollercoaster discussions, Greece found itself dangerously close to exiting the single currency area.
At stake lay not only Greece's future but also those punishing austerity measures demanded in exchange for bailout funds from international creditors.
Unsuccessful Options
Attempts to find funds from other sources, such as a desperate appeal to Russia to buy Greek bonds, were rejected.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, those harsh conditions were put to a public vote, a move that plunged Europe into a deeper existential crisis.
Even though the referendum was won resoundingly by voters against austerity, Tsipras had little option to reject its outcome and agree to a rescue deal with creditors that turned out to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the figure who attracted publicity, who graced the front pages of publications globally … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy that included establishing a secondary currency as well as issuing vouchers to pensioners, the leader knew it was the end questioning him: “Can you be serious?”
Enduring Rebuke
In the book, the author concludes how his former ally had proved himself “unsuitable for an agreement that required complex and sensitive handling.”
Tsipras also wrote that Varoufakis's aggressive style left him more and more alone among peers, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
The retelling of history has provoked fury along with stunned disbelief in some quarters, while the former minister has so far kept a deafening silence regarding these claims.
