Within his newly released personal account, named Ithaki, the former prime minister Alexis Tsipras does not hold back while he reflects on that turbulent period during Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, he selected that unorthodox academic Varoufakis to be his treasury head mainly due to the latter's global profile and his very persuasive skills when it came to communicator.
“In reality, he was, in reality, more like a celebrity and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras alleges that Varoufakis had a personal motives which involved advancing his publications and testing out his theories on Greece instead of truly advocating the country's economic stability.
Tsipras noted that the talks to prevent insolvency became “not only a way of achieving a better deal for Greece. They were an experiment, an historic chance to prove the truth of Varoufakis's theories.”
Critical Negotiations
Amid tense negotiations, the country found itself dangerously on the brink of leaving the eurozone.
At stake lay both the country's destiny but also the harsh cutbacks demanded in return for rescue loans from foreign lenders.
Failed Options
Efforts to find financing elsewhere, such as a desperate appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country would be tantamount to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those harsh bailout terms were subjected to a public vote, an action which threw the EU into further crisis of identity.
Even though the referendum was won decisively by voters who opposed austerity, the prime minister was forced but to ignore the result then negotiate a rescue deal from foreign lenders which proved to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who appeared on the front pages of magazines the world over … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy that included creating a parallel currency as well as issuing coupons to pensioners, the leader said he realised it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the memoir, the author asserts how his former ally had proved himself “unfit for an agreement demanding intricate and sensitive handling.”
Tsipras further claimed how Varoufakis's confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating Grexit.
The retelling of events has provoked anger along with shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet regarding these claims.
