Within his newly released personal account, titled Ithaki, the former leader Alexis Tsipras pulls no punches while he revisits the chaotic era during Greece's debt drama.
A Controversial Appointment
As per the ex-PM's version, he selected that maverick academic Varoufakis to be the treasury head largely due to the latter's worldwide fame along with Varoufakis's very persuasive skills when it came to public orator.
“In reality, he was, actually, more of a personality and less of an economist,” stated the 51-year-old.
Conflicting Priorities
Tsipras suggests that Varoufakis possessed his own motives which included advancing Varoufakis's books and experimenting with his own economic models using the nation instead of truly advocating the country's economic stability.
Tsipras wrote how those discussions to stave off bankruptcy became “not just a method of achieving improved terms for the country. They became a test, a monumental chance to prove the validity of Varoufakis's theories.”
High-Stakes Talks
During volatile negotiations, the country found itself perilously on the brink of exiting the eurozone.
On the line lay both Greece's future but also the punishing austerity measures required in return for financial aid from foreign lenders.
Unsuccessful Options
Efforts to secure funds from other sources, including a desperate appeal to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, those excoriating bailout terms were subjected to a popular referendum, a move which threw Europe into deeper crisis of identity.
Even though the referendum was carried resoundingly by those against austerity, Tsipras was forced to reject its outcome then negotiate a bailout package from creditors that proved to be more severe.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the figure who drew publicity, who graced the covers of publications globally … he gave the impression he relished his new role.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency as well as distributing vouchers to pensioners, the leader said he realised that it was the end questioning him: “Can you be serious?”
Enduring Criticism
In the book, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for a deal that required complex and delicate management.”
He further wrote how his aggressive approach left him increasingly isolated among peers, endangered the country, while helped hardliners that were advocating Grexit.
This retelling of history has been met with fury along with stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.
