In a newly released personal account, named Ithaki, the former premier Alexis Tsipras spares no criticism while he revisits the chaotic era of Greece's debt drama.
A Controversial Appointment
According to Tsipras's version, he chose that unorthodox academic Varoufakis as the finance minister largely because of his international reputation along with Varoufakis's very persuasive skills as a communicator.
“He was, actually, more like a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader alleges that Varoufakis had a personal motives that involved advancing his books and experimenting with his game theories on the nation rather than genuinely fighting for the country's economic stability.
Tsipras wrote that those negotiations to avoid bankruptcy were “not only a way to secure a better deal for Greece. They became a test, an historic chance to prove the validity of his economic theories.”
High-Stakes Talks
During rollercoaster discussions, Greece came perilously on the brink of exiting the single currency area.
On the line lay not only the country's destiny and those severe cutbacks demanded in exchange for bailout funds from foreign lenders.
Failed Alternatives
Efforts to find funds from other sources, such as an urgent appeal to Russia to buy Greek bonds, were rejected.
Assisting the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the punitive bailout terms were put to a public vote, an action that threw Europe into deeper crisis of identity.
Although the vote was won resoundingly by voters who opposed the cuts, the prime minister was forced to reject its outcome and negotiate a bailout package with creditors which turned out to be tougher.
Final Straw
Tsipras claimed that he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the man who drew publicity, who appeared on the front pages of publications globally … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a contingency plan that included creating a secondary currency as well as issuing vouchers to retirees, Tsipras knew it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, Tsipras asserts how Varoufakis had proved himself “unsuitable for an agreement demanding intricate and sensitive handling.”
Tsipras also claimed that Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, and helped hardliners that were advocating a Greek exit from the euro.
This account of events has been met with anger along with shock among certain groups, while the former minister has so far kept a deafening silence on the matter.
