Within his freshly published personal account, called Ithaki, the former leader Alexis Tsipras spares no criticism while he reflects on the chaotic period of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's recollections, he appointed the unorthodox academic Varoufakis as his treasury head primarily due to the latter's global profile along with Varoufakis's highly compelling abilities when it came to speaker.
“He was, truthfully, more like a celebrity rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader suggests that Varoufakis had his own motives that involved advancing his publications and experimenting with his own theories on Greece instead of truly advocating the country's financial survival.
He wrote how the discussions to stave off insolvency were “not just a method of achieving improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid tense discussions, Greece found itself dangerously close to leaving the single currency area.
On the line lay both the country's future but also those punishing cutbacks demanded in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to find financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Helping the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those excoriating conditions were put to a public vote, an action which threw the EU into further crisis of identity.
Although the referendum was carried resoundingly by those against the cuts, the prime minister was forced to ignore the result and negotiate a rescue deal from creditors that turned out to be even harsher.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the covers of publications globally … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy involving creating a parallel currency and distributing vouchers to pensioners, Tsipras said he realised that it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
Within the memoir, Tsipras asserts that his former ally demonstrated himself “unsuitable for a deal demanding intricate and sensitive management.”
Tsipras also wrote that Varoufakis's aggressive approach left him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
The account of events has provoked fury and stunned disbelief in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
