Within his freshly published personal account, named Ithaki, the former premier Alexis Tsipras does not hold back as he reflects on the chaotic period of Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's version, Tsipras chose that unorthodox economist Varoufakis to be the finance minister largely because of the latter's global profile along with Varoufakis's very persuasive skills as a speaker.
“In reality, he was, truthfully, more of a personality rather than an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges how his finance chief possessed a personal motives which included advancing Varoufakis's publications and experimenting with his economic models on the nation instead of truly advocating the country's economic stability.
Tsipras noted that those discussions to avoid bankruptcy became “not only a way of achieving improved terms for the country. They became a test, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
Critical Talks
During rollercoaster negotiations, the country came perilously on the brink of exiting the single currency area.
On the line lay not only Greece's destiny and those severe cutbacks required in exchange for financial aid from international creditors.
Unsuccessful Options
Attempts to find funds from other sources, such as an urgent plea to the Kremlin to purchase Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, the harsh bailout terms were put to a popular referendum, a move which plunged Europe into deeper existential crisis.
Even though the vote was carried resoundingly by voters who opposed the cuts, Tsipras had little option but to ignore the result and negotiate a bailout package from creditors which turned out to be even harsher.
Final Straw
Tsipras revealed how he started questioning his finance minister relatively soon.
“He was the public image of the talks, the man who drew media attention, who graced the covers of publications globally … it seemed he relished the spotlight.”
When the minister outlined a backup strategy involving establishing a secondary currency and distributing coupons to pensioners, the leader said he realised it was the end questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, the author asserts that Varoufakis had proved himself to be “unfit for a deal that required complex and delicate management.”
Tsipras also claimed that Varoufakis's aggressive style made him more and more alone with colleagues, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
The retelling of events has provoked fury and shock among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.
