Within his recently unveiled personal account, named Ithaki, the former leader Alexis Tsipras pulls no punches as he reflects on that turbulent period during Greece's financial crisis.
A Controversial Appointment
In the ex-PM's version, Tsipras appointed that maverick academic Varoufakis to be his finance minister primarily due to the latter's international reputation and his “extremely attractive” skills when it came to communicator.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras alleges how Varoufakis had a personal motives that involved advancing his books as well as experimenting with his own theories on Greece instead of truly advocating the country's economic stability.
Tsipras explained how the discussions to prevent bankruptcy were “not just a method of achieving a better deal for Greece. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid volatile negotiations, Greece came perilously on the brink of exiting the single currency area.
At stake was not only Greece's destiny but also those punishing austerity policies demanded in return for financial aid by international creditors.
Unsuccessful Options
Attempts to secure financing from other sources, including a desperate plea to Russia to purchase Greek bonds, were rejected.
Helping Greece would be tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, the excoriating conditions were put to a popular referendum, a move that threw the EU into a further crisis of identity.
Although the referendum was won resoundingly by voters against the cuts, the prime minister was forced but to ignore the result and agree to a rescue deal from creditors which turned out to be tougher.
Final Straw
The ex-PM revealed how he began to doubt his finance minister quite early on.
“He was the face of negotiation, the figure who attracted publicity, who appeared on the front pages of publications globally … it seemed he relished the spotlight.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency and issuing vouchers to pensioners, the leader said he realised it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, Tsipras concludes how his former ally had proved himself “unsuitable for a deal demanding intricate and sensitive handling.”
He also wrote that Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, and assisted hardliners who were pushing for Grexit.
The retelling of events has been met with anger and stunned disbelief among certain groups, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
