Within his recently unveiled personal account, named Ithaki, the former leader Alexis Tsipras spares no criticism while he reflects on the chaotic era of Greece's economic turmoil.
A Controversial Choice
In the ex-PM's version, he chose that unorthodox academic Varoufakis to be his finance minister largely due to his international reputation along with his highly compelling skills as a public orator.
“In reality, he was, truthfully, more of a star rather than an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader suggests how Varoufakis possessed a personal motives which involved promoting his books as well as experimenting with his theories on Greece rather than genuinely advocating the country's economic stability.
Tsipras explained how those talks to avoid insolvency became “not just a way to secure improved terms for Greece. They became an experiment, an historic opportunity to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile discussions, Greece found itself perilously close to leaving the eurozone.
At stake was both the country's destiny but also the punishing austerity policies required in return for rescue loans from international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country was tantamount to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, those harsh conditions were subjected to a public vote, a move which plunged the EU into a deeper existential crisis.
Even though the referendum was carried resoundingly by voters who opposed the cuts, Tsipras was forced to ignore the result then negotiate a bailout package from foreign lenders which proved to be more severe.
Final Straw
Tsipras claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew publicity, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a backup strategy involving creating a parallel currency and distributing vouchers to retirees, the leader knew that it was game over and asked him: “Are you serious?”
Enduring Rebuke
Within the memoir, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for an agreement that required complex and delicate management.”
He further claimed that Varoufakis's aggressive approach left him increasingly isolated among peers, endangered the country, while helped hardliners that were pushing for a Greek exit from the euro.
The retelling of history has provoked anger and shock in some quarters, while the former minister has kept a deafening silence regarding these claims.
