In a newly released personal account, named Ithaki, the former premier Alexis Tsipras spares no criticism as he reflects on the turbulent period of Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's recollections, Tsipras chose the maverick academic Varoufakis to be the treasury head primarily due to the latter's worldwide fame and Varoufakis's very persuasive skills when it came to public orator.
“He was, in reality, more of a star rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief had a personal motives which involved promoting Varoufakis's books and experimenting with his own theories using the nation rather than truly advocating the country's economic stability.
Tsipras wrote how the talks to avoid insolvency became “not only a way to secure a better deal for Greece. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid tense discussions, the country found itself dangerously on the brink of leaving the single currency area.
On the line lay both Greece's future but also those punishing cutbacks demanded in exchange for financial aid by foreign lenders.
Failed Options
Efforts to secure funds elsewhere, such as a desperate plea to Russia to purchase Greek bonds, were rejected.
Assisting Greece was tantamount to tossing cash in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, those excoriating conditions were put to a public vote, a move which threw Europe into a further crisis of identity.
Even though the vote was won resoundingly by voters who opposed austerity, the prime minister was forced but to ignore the result then agree to a rescue deal with creditors that proved to be more severe.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who attracted media attention, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a contingency plan that included creating a parallel currency and distributing vouchers to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, the author asserts that his former ally demonstrated himself to be “unsuitable for an agreement demanding complex and delicate management.”
He also claimed how his confrontational approach left him increasingly isolated with colleagues, endangered the country, and helped hawks that were advocating Grexit.
This account of events has been met with anger and shock in some quarters, while Varoufakis has so far kept a deafening silence regarding these claims.
