In a freshly published personal account, titled Ithaki, the former premier Alexis Tsipras spares no criticism as he reflects on that chaotic period during Greece's debt drama.
An Unconventional Appointment
As per Tsipras's recollections, he selected the maverick economist Varoufakis as the finance minister mainly because of the latter's international reputation and Varoufakis's very persuasive abilities when it came to speaker.
“In reality, he was, actually, more of a personality rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras suggests that Varoufakis had his own motives that included advancing his books as well as experimenting with his economic models using the nation instead of genuinely advocating its financial survival.
Tsipras noted that those discussions to prevent bankruptcy became “not only a way of achieving improved terms for Greece. They became an experiment, an historic opportunity to prove the truth of Varoufakis's theories.”
Critical Negotiations
During volatile negotiations, Greece came dangerously on the brink of leaving the eurozone.
At stake was both Greece's future but also those punishing cutbacks required in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to secure financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, those excoriating bailout terms were subjected to a public vote, an action which threw the EU into a further existential crisis.
Even though the referendum was carried resoundingly by voters who opposed the cuts, Tsipras was forced but to reject its outcome then negotiate a rescue deal from creditors which proved to be even harsher.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who drew publicity, who graced the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency as well as distributing vouchers to pensioners, the leader knew it was game over and asked him: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras asserts that Varoufakis had proved himself “unsuitable for a deal that required complex and delicate management.”
Tsipras further wrote how Varoufakis's aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
The retelling of history has been met with anger along with shock in some quarters, while the former minister has so far maintained a conspicuous quiet on the matter.
