Within his newly released memoir, called Ithaki, the former premier Alexis Tsipras spares no criticism as he reflects on that chaotic era of Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's recollections, he selected the maverick economist Varoufakis as his finance minister largely due to the latter's global profile and his highly compelling abilities when it came to communicator.
“In reality, he was, in reality, more of a star rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader alleges that Varoufakis possessed a personal agenda which involved advancing Varoufakis's publications and testing out his economic models on Greece rather than truly fighting for its financial survival.
He noted that the talks to stave off insolvency became “not only a way of achieving improved terms for Greece. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
Amid tense negotiations, the country found itself dangerously on the brink of leaving the eurozone.
At stake lay not only the country's destiny but also those severe austerity policies required in return for bailout funds from international creditors.
Failed Alternatives
Efforts to find funds from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country was tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, those excoriating conditions were put to a public vote, an action that plunged the EU into a deeper crisis of identity.
Even though the vote was won resoundingly by voters who opposed the cuts, Tsipras had little option but to ignore the result and negotiate a bailout package with foreign lenders which turned out to be more severe.
Final Straw
The ex-PM revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan involving creating a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was the end questioning him: “Are you serious?”
Lasting Rebuke
Within the book, Tsipras concludes that his former ally demonstrated himself to be “unfit for a deal that required complex and delicate handling.”
He further wrote how his aggressive style left him increasingly isolated among peers, put Greece at risk, while helped hardliners that were advocating Grexit.
This account of history has provoked anger along with stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
