In a recently unveiled autobiography, called Ithaki, the former premier Alexis Tsipras pulls no punches as he reflects on that chaotic period during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's account, he appointed that unorthodox economist Varoufakis to be the treasury head primarily due to his worldwide fame along with his highly compelling abilities when it came to speaker.
“He was, actually, more of a celebrity rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras alleges that his finance chief had a personal agenda which included advancing his publications and experimenting with his theories on the nation instead of truly advocating the country's economic stability.
He explained that the discussions to prevent bankruptcy were “not just a method of achieving improved terms for the country. They became an experiment, a monumental chance to prove the truth of his economic theories.”
High-Stakes Negotiations
Amid volatile discussions, the country came dangerously on the brink of leaving the eurozone.
At stake lay both Greece's destiny and the severe austerity measures required in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to find financing elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country was equivalent to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, the harsh bailout terms were put to a public vote, a move that threw the EU into a further crisis of identity.
Although the referendum was won decisively by voters against austerity, the prime minister had little option to reject its outcome and agree to a bailout package with creditors which turned out to be even harsher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted media attention, who graced the covers of publications the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy that included establishing a parallel currency and issuing vouchers to pensioners, Tsipras knew that it was the end questioning him: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for a deal that required intricate and sensitive handling.”
He also wrote that his confrontational style made him increasingly isolated among peers, endangered the country, and assisted hardliners that were advocating Grexit.
The account of events has provoked anger along with stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.