Within his freshly published memoir, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he revisits that chaotic period of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's recollections, he appointed the unorthodox academic Varoufakis to be his treasury head primarily due to his international reputation and Varoufakis's highly compelling skills as a public orator.
“He was, in reality, more like a personality and less of an economist,” stated Tsipras.
Conflicting Agendas
The former leader claims that Varoufakis had his own agenda which involved advancing his books and experimenting with his economic models on Greece instead of genuinely fighting for its financial survival.
He noted that the discussions to stave off bankruptcy became “not only a method to secure a better deal for Greece. They were a test, a monumental chance to prove the truth of Varoufakis's theories.”
Critical Talks
Amid tense discussions, the country came perilously on the brink of leaving the single currency area.
On the line lay not only the country's future but also the harsh cutbacks demanded in exchange for financial aid from international creditors.
Unsuccessful Options
Attempts to find funds elsewhere, such as an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping Greece would be equivalent to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, the punitive bailout terms were put to a public vote, an action which plunged Europe into a deeper existential crisis.
Although the referendum was won resoundingly by those against austerity, the prime minister had little option to ignore the result then agree to a bailout package from creditors which proved to be even harsher.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the man who drew publicity, who appeared on the covers of publications the world over … it seemed he relished his new role.”
When the minister proposed a contingency plan involving creating a secondary currency as well as issuing vouchers to pensioners, the leader said he realised that it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, Tsipras asserts that Varoufakis demonstrated himself “unfit for a deal demanding intricate and delicate handling.”
Tsipras further claimed how his aggressive style made him increasingly isolated among peers, put Greece at risk, while helped hawks that were advocating a Greek exit from the euro.
This retelling of history has been met with anger and stunned disbelief among certain groups, whereas the former minister has maintained a conspicuous quiet regarding these claims.
