Within his recently unveiled autobiography, named Ithaki, the former prime minister Alexis Tsipras does not hold back while he examines the turbulent period of Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's account, Tsipras chose that unorthodox academic Varoufakis as the finance minister primarily due to his international reputation and Varoufakis's very persuasive skills when it came to speaker.
“He was, truthfully, more of a star and less of an economist,” recalled Tsipras.
Conflicting Priorities
The former leader suggests that his finance chief possessed his own agenda which included advancing his books and testing out his game theories on the nation instead of truly fighting for its economic stability.
Tsipras explained how those negotiations to avoid bankruptcy became “not only a way to secure a better deal for Greece. They became a test, a monumental chance to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself dangerously close to leaving the eurozone.
On the line lay both Greece's future and those punishing cutbacks required in return for rescue loans by foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, such as an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, the excoriating conditions were subjected to a public vote, a move which threw the EU into further existential crisis.
Although the referendum was won resoundingly by voters against austerity, the prime minister was forced to ignore the result then negotiate a bailout package with creditors which proved to be even harsher.
Final Straw
Tsipras claimed that he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the man who drew media attention, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”
When the minister outlined a backup strategy that included establishing a secondary currency and issuing coupons to pensioners, Tsipras said he realised it was game over questioning Varoufakis: “Is this for real?”
Enduring Rebuke
In the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and delicate management.”
Tsipras also wrote how Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, and helped hardliners that were advocating a Greek exit from the euro.
The retelling of events has provoked anger along with shock among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
