In a newly released personal account, titled Ithaki, the former leader Alexis Tsipras does not hold back as he revisits the chaotic period during Greece's debt drama.
A Controversial Appointment
In the ex-PM's recollections, he selected the unorthodox academic Varoufakis to be his finance minister primarily because of his international reputation and Varoufakis's very persuasive abilities as a speaker.
“He was, truthfully, more of a celebrity rather than an economic expert,” wrote the 51-year-old.
Clashing Agendas
Tsipras suggests how his finance chief possessed a personal motives which involved advancing his publications as well as testing out his own economic models on the nation rather than truly advocating its financial survival.
He noted that the talks to avoid insolvency became “not only a method of achieving a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of his theories.”
Critical Talks
Amid volatile discussions, Greece came perilously close to leaving the single currency area.
At stake was both the country's future and those severe austerity policies demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Attempts to find financing elsewhere, such as an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece would be equivalent to throwing money into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those harsh 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 those who opposed austerity, Tsipras was forced but to ignore the result and agree to a bailout package with creditors which turned out to be more severe.
Final Straw
The ex-PM revealed how he began to doubt his finance minister quite early on.
“He was the face of the talks, the figure who attracted media attention, who appeared on the covers of publications globally … it seemed he relished his new role.”
After the minister outlined a contingency plan that included creating a parallel currency and issuing coupons to retirees, Tsipras said he realised that it was game over and asked him: “Is this for real?”
Enduring Rebuke
In the book, Tsipras concludes how Varoufakis had proved himself to be “unfit for a deal demanding intricate and delicate handling.”
Tsipras further claimed how his aggressive style made him more and more alone with colleagues, endangered the country, and assisted hardliners that were pushing for Grexit.
This account of events has provoked fury and shock in some quarters, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
