Within his freshly published personal account, called Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on that chaotic era during Greece's financial crisis.
An Unconventional Appointment
In Tsipras's version, Tsipras appointed the unorthodox academic Varoufakis to be his finance minister largely due to his worldwide fame and his highly compelling abilities as a communicator.
“In reality, he was, truthfully, more of a personality rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras claims that Varoufakis possessed his own motives that involved promoting his publications as well as experimenting with his own theories on Greece rather than truly fighting for the country's economic stability.
He wrote that those talks to stave off insolvency were “not just a way to secure improved terms for the country. They were an experiment, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Negotiations
Amid rollercoaster negotiations, the country came dangerously on the brink of exiting the single currency area.
At stake lay both the country's future and the severe cutbacks required in return for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to secure funds from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the harsh bailout terms were put to a public vote, a move that threw Europe into a further existential crisis.
Even though the referendum was carried resoundingly by those against austerity, Tsipras had little option to reject its outcome then negotiate a rescue deal with foreign lenders that proved to be tougher.
Final Straw
Tsipras claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who graced the front pages of publications globally … it seemed he relished the spotlight.”
When the minister outlined a contingency plan involving creating a secondary currency as well as issuing vouchers to retirees, Tsipras said he realised that it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and delicate management.”
He also wrote how Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, while assisted hardliners who were advocating Grexit.
The account of history has provoked anger along with shock among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
