In a newly released autobiography, called Ithaki, the ex- leader Alexis Tsipras spares no criticism as he examines that turbulent era of Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's account, Tsipras selected that unorthodox economist Varoufakis as the finance minister largely due to the latter's international reputation and Varoufakis's highly compelling skills when it came to communicator.
“In reality, he was, actually, more like a personality and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader alleges how his finance chief had his own agenda which involved advancing Varoufakis's books as well as testing out his own economic models using Greece rather than truly advocating its financial survival.
Tsipras wrote that those talks to prevent insolvency became “not only a way to secure a better deal for Greece. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid tense negotiations, Greece came dangerously close to leaving the eurozone.
On the line lay not only Greece's future and those severe austerity measures required in exchange for bailout funds from international creditors.
Failed Alternatives
Efforts to secure financing from other sources, such as an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, those punitive bailout terms were put to a popular referendum, an action that threw Europe into further crisis of identity.
Even though the referendum was won decisively by voters who opposed austerity, the prime minister was forced to reject its outcome and negotiate a bailout package from foreign lenders which proved to be more severe.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who appeared on the covers of publications the world over … it seemed he was enjoying his new role.”
After the minister proposed a contingency plan involving establishing a secondary currency and issuing vouchers to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
Within the memoir, the author concludes that his former ally demonstrated himself to be “unsuitable for an agreement demanding complex and delicate management.”
He also wrote how Varoufakis's confrontational approach left him more and more alone with colleagues, endangered the country, while helped hardliners who were advocating Grexit.
The account of events has provoked anger and shock in some quarters, whereas Varoufakis has kept a deafening silence regarding these claims.
