In a newly released personal account, called Ithaki, the former premier Alexis Tsipras spares no criticism while he reflects on that chaotic period during Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's version, he chose the unorthodox academic Varoufakis to be the treasury head primarily due to the latter's international reputation and Varoufakis's highly compelling skills when it came to speaker.
“He was, actually, more like a star rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader claims that Varoufakis had his own agenda that involved advancing Varoufakis's publications as well as experimenting with his economic models on the nation instead of truly fighting for the country's financial survival.
He explained that those negotiations to avoid insolvency were “not just a method of achieving a better deal for Greece. They were a test, an historic chance to prove the truth of Varoufakis's ideas.”
Critical Negotiations
During rollercoaster negotiations, Greece came perilously close to leaving the single currency area.
At stake was both the country's future but also the harsh cutbacks demanded in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to secure financing from other sources, including an urgent appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, those excoriating bailout terms were put to a popular referendum, an action that threw Europe into a further crisis of identity.
Although the vote was carried resoundingly by voters who opposed austerity, the prime minister was forced but to ignore the result then agree to a rescue deal with creditors that proved to be even harsher.
Final Straw
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the covers of publications the world over … it seemed he was enjoying his new role.”
After the minister outlined a backup strategy involving creating a parallel currency and issuing vouchers to pensioners, Tsipras said he realised it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the book, Tsipras concludes how Varoufakis had proved himself “unsuitable for a deal that required intricate and delicate handling.”
He also wrote how Varoufakis's aggressive style made him more and more alone with colleagues, put Greece at risk, and assisted hardliners who were advocating Grexit.
The account of history has been met with anger along with shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
