In a freshly published personal account, named Ithaki, the ex- premier Alexis Tsipras spares no criticism as he reflects on the chaotic period of Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's version, Tsipras selected that maverick economist Varoufakis to be his finance minister largely due to the latter's worldwide fame along with Varoufakis's very persuasive abilities as a public orator.
“He was, actually, more like a celebrity and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras suggests how Varoufakis had a personal agenda which involved advancing his publications and experimenting with his own game theories using Greece rather than truly advocating the country's financial survival.
Tsipras noted that those talks to prevent bankruptcy were “not just a way of achieving a better deal for the country. They became a test, an historic chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
During tense negotiations, Greece found itself dangerously close to exiting the single currency area.
At stake lay both Greece's future but also those harsh cutbacks required in return for bailout funds from foreign lenders.
Failed Options
Attempts to secure financing elsewhere, such as an urgent plea to Russia to buy Greek government bonds, went unanswered.
Helping Greece would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, the punitive bailout terms were subjected to a popular referendum, a move which threw the EU into a further crisis of identity.
Although the referendum was carried decisively by voters against the cuts, Tsipras had little option but to reject its outcome then agree to a bailout package from creditors which proved to be tougher.
Final Straw
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the man who drew publicity, who graced the front pages of magazines the world over … it seemed he was enjoying his new role.”
After the minister proposed a contingency plan involving creating a parallel currency as well as issuing vouchers to retirees, the leader knew that it was game over and asked him: “Are you serious?”
Lasting Rebuke
In the book, Tsipras concludes that Varoufakis demonstrated himself “unfit for a deal demanding intricate and sensitive management.”
Tsipras further wrote how Varoufakis's confrontational style made him more and more alone among peers, endangered the country, while assisted hardliners that were pushing for Grexit.
This retelling of events has been met with fury along with stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence on the matter.
