In a freshly published autobiography, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he revisits the chaotic period of Greece's financial crisis.
An Unconventional Choice
In Tsipras's version, Tsipras appointed the maverick academic Varoufakis as the finance minister primarily because of the latter's worldwide fame along with Varoufakis's “extremely attractive” skills as a speaker.
“In reality, he was, actually, more like a personality rather than an economist,” wrote the 51-year-old.
Clashing Agendas
The former leader claims that Varoufakis possessed his own motives which included advancing his books as well as testing out his own economic models on the nation instead of truly advocating its financial survival.
He explained how those talks to prevent insolvency were “not only a method to secure a better deal for Greece. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid tense negotiations, the country came perilously close to leaving the eurozone.
On the line lay not only the country's future and those severe austerity policies required in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to secure funds from other sources, including a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country was equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, the excoriating bailout terms were subjected to a popular referendum, a move that plunged the EU into deeper crisis of identity.
Although the referendum was won resoundingly by those who opposed austerity, Tsipras was forced but to ignore the result and negotiate a rescue deal from creditors that turned out to be even harsher.
Final Straw
Tsipras revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
When the minister proposed a backup strategy that included establishing a parallel currency and distributing vouchers to pensioners, the leader said he realised it was game over questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and delicate handling.”
He also wrote that Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
The retelling of history has been met with anger along with shock in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
