In a freshly published personal account, called Ithaki, the former premier Alexis Tsipras pulls no punches as he reflects on that chaotic period during Greece's debt drama.
An Unconventional Choice
According to Tsipras's account, Tsipras appointed the maverick academic Varoufakis to be the finance minister mainly because of his international reputation and his very persuasive skills as a speaker.
“In reality, he was, in reality, more of a celebrity and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader claims how Varoufakis had a personal agenda that involved advancing Varoufakis's books and testing out his own theories using Greece instead of truly fighting for the country's financial survival.
He wrote that those talks to avoid insolvency were “not just a method to secure a better deal for the country. They became a test, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile discussions, Greece came perilously on the brink of leaving the single currency area.
On the line lay not only the country's future and the punishing cutbacks demanded in return for bailout funds from international creditors.
Failed Options
Attempts to find financing from other sources, including an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, the harsh conditions were put to a public vote, a move that threw Europe into a further crisis of identity.
Although the vote was carried resoundingly by voters against the cuts, the prime minister was forced but to reject its outcome and negotiate a bailout package with creditors which turned out to be even harsher.
Final Straw
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who appeared on the front pages of publications the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a contingency plan that included creating a parallel currency and distributing coupons to retirees, the leader said he realised it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras asserts how Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and delicate management.”
Tsipras also claimed how Varoufakis's aggressive style left him more and more alone among peers, put Greece at risk, while assisted hardliners who were advocating a Greek exit from the euro.
The retelling of history has provoked anger and shock among certain groups, whereas the former minister has so far maintained a deafening silence regarding these claims.
