Within his freshly published personal account, called Ithaki, the ex- leader Alexis Tsipras does not hold back as he revisits that chaotic era during Greece's financial crisis.
A Controversial Appointment
According to the ex-PM's account, Tsipras appointed that unorthodox economist Varoufakis as his finance minister primarily because of his worldwide fame and Varoufakis's very persuasive abilities when it came to public orator.
“In reality, he was, truthfully, more like a celebrity and less of an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader alleges that Varoufakis possessed his own agenda which included advancing his publications as well as experimenting with his theories on Greece instead of truly advocating the country's financial survival.
He noted that those talks to stave off insolvency were “not only a method to secure improved terms for the country. They were a test, an historic chance to demonstrate the validity of Varoufakis's ideas.”
Critical Talks
Amid rollercoaster discussions, the country came perilously close to exiting the single currency area.
On the line was not only the country's destiny and those punishing austerity measures demanded in exchange for rescue loans by international creditors.
Unsuccessful Options
Efforts to find financing from other sources, including an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those punitive bailout terms were subjected to a public vote, an action that threw Europe into a deeper crisis of identity.
Although the vote was won decisively by those against austerity, the prime minister was forced but to ignore the result and agree to a rescue deal from creditors that proved to be tougher.
Final Straw
Tsipras revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who drew media attention, who appeared on the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy that included creating a parallel currency as well as distributing coupons to retirees, Tsipras knew it was the end questioning him: “Are you serious?”
Lasting Criticism
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for an agreement demanding intricate and delicate handling.”
He also wrote that Varoufakis's confrontational approach made him more and more alone with colleagues, endangered the country, and helped hawks that were pushing for a Greek exit from the euro.
This account of events has been met with fury and stunned disbelief in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.