Within his newly released autobiography, named Ithaki, the former prime minister Alexis Tsipras does not hold back while he examines that chaotic period of Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's recollections, he chose that maverick economist Varoufakis to be the treasury head mainly due to his worldwide fame and his “extremely attractive” skills when it came to public orator.
“In reality, he was, actually, more like a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras alleges that Varoufakis had a personal motives that involved promoting his publications and testing out his theories using Greece instead of truly advocating its economic stability.
He wrote how the negotiations to avoid bankruptcy were “not only a method of achieving improved terms for Greece. They were a test, a monumental opportunity to prove the truth of his ideas.”
High-Stakes Negotiations
Amid volatile negotiations, Greece came dangerously close to exiting the eurozone.
At stake lay both the country's destiny but also the harsh austerity policies demanded in return for financial aid by international creditors.
Failed Alternatives
Attempts to find funds elsewhere, including a desperate appeal to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, the excoriating bailout terms were subjected to a public vote, a move which plunged Europe into further crisis of identity.
Although the referendum was won resoundingly by voters against the cuts, Tsipras was forced but to ignore the result then agree to a rescue deal with creditors which turned out to be even harsher.
Breaking Point
Tsipras claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of publications the world over … it seemed he relished the spotlight.”
After the minister proposed a backup strategy involving establishing a parallel currency and distributing coupons to pensioners, Tsipras knew that it was the end questioning him: “Are you serious?”
Lasting Criticism
In the book, Tsipras asserts that Varoufakis demonstrated himself “unfit for a deal that required intricate and delicate management.”
He also wrote that Varoufakis's confrontational style left him more and more alone with colleagues, endangered the country, while helped hardliners who were pushing for Grexit.
The retelling of events has provoked fury along with stunned disbelief among certain groups, whereas Varoufakis has kept a deafening silence regarding these claims.
