Within his freshly published personal account, called Ithaki, the ex- leader Alexis Tsipras does not hold back while he reflects on that turbulent period of Greece's debt drama.
A Controversial Appointment
In Tsipras's account, he appointed that unorthodox academic Varoufakis to be his finance minister primarily due to the latter's international reputation and Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, truthfully, more of a personality rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests how Varoufakis had a personal agenda which involved advancing his books as well as testing out his economic models using Greece rather than truly fighting for the country's economic stability.
Tsipras wrote how those negotiations to stave off bankruptcy became “not just a method to secure improved terms for Greece. They became a test, an historic chance to prove the validity of his economic theories.”
High-Stakes Talks
Amid tense negotiations, the country came dangerously on the brink of exiting the eurozone.
On the line lay both the country's destiny and those severe austerity policies required in exchange for bailout funds from international creditors.
Failed Alternatives
Efforts to secure funds elsewhere, such as an urgent plea to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country was tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
That summer, the harsh conditions were put to a public vote, an action that threw Europe into a deeper existential crisis.
Although the referendum was won resoundingly by voters against austerity, the prime minister was forced but to reject its outcome then agree to a bailout package from foreign lenders which proved to be tougher.
Final Straw
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted publicity, who appeared on the front pages of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy involving creating a parallel currency and distributing vouchers to pensioners, Tsipras knew that it was the end questioning Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for a deal that required complex and sensitive handling.”
He further claimed how his aggressive approach left him more and more alone with colleagues, put Greece at risk, while assisted hawks who were advocating Grexit.
This account of events has been met with fury along with shock in some quarters, whereas Varoufakis has maintained a deafening silence regarding these claims.