Within his freshly published autobiography, titled Ithaki, the ex- premier Alexis Tsipras pulls no punches as he revisits the chaotic period during Greece's economic turmoil.
A Controversial Appointment
According to the ex-PM's version, Tsipras chose the unorthodox academic Varoufakis to be his treasury head largely because of his global profile and Varoufakis's very persuasive skills when it came to speaker.
“He was, truthfully, more like a personality rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims that his finance chief possessed a personal agenda which involved promoting Varoufakis's publications as well as experimenting with his own economic models on the nation instead of genuinely fighting for its economic stability.
Tsipras wrote that the talks to prevent bankruptcy became “not only a method of achieving improved terms for the country. They were a test, a monumental opportunity to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself perilously close to leaving the single currency area.
At stake lay not only Greece's destiny but also the severe austerity measures demanded in exchange for bailout funds from international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country was equivalent to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, the punitive conditions were put to a popular referendum, an action which plunged Europe into deeper crisis of identity.
Although the vote was won decisively by those who opposed austerity, Tsipras was forced to ignore the result and agree to a rescue deal with creditors that turned out to be tougher.
Final Straw
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who drew publicity, who graced the front pages of publications globally … he gave the impression he was enjoying his new role.”
After the minister outlined a contingency plan involving creating a parallel currency and distributing coupons to retirees, the leader knew that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, Tsipras concludes how his former ally had proved himself “unfit for an agreement demanding complex and sensitive management.”
He further wrote that his aggressive style made him increasingly isolated among peers, endangered the country, while assisted hardliners who were advocating Grexit.
This account of events has been met with fury and stunned disbelief in some quarters, while Varoufakis has kept a conspicuous quiet regarding these claims.
