Within his freshly published personal account, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he examines the turbulent period of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's version, Tsipras chose the maverick economist Varoufakis to be the treasury head largely due to his international reputation and Varoufakis's highly compelling skills as a speaker.
“In reality, he was, in reality, more like a celebrity rather than an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis possessed his own motives that included advancing Varoufakis's books as well as testing out his theories on Greece instead of truly advocating the country's economic stability.
Tsipras explained how the discussions to prevent insolvency were “not only a method to secure improved terms for the country. They were an experiment, a monumental opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Negotiations
Amid tense discussions, Greece found itself dangerously close to exiting the single currency area.
At stake was not only the country's future and the harsh cutbacks demanded in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, such as an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum and U-Turn
In July 2015, the harsh conditions were subjected to a public vote, an action which threw Europe into a deeper crisis of identity.
Although the referendum was carried resoundingly by those against austerity, Tsipras had little option to ignore the result and negotiate a bailout package with creditors that turned out to be more severe.
Final Straw
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the front pages of publications the world over … it seemed he relished the spotlight.”
When Varoufakis proposed a backup strategy that included establishing a parallel currency as well as distributing vouchers to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras concludes that his former ally had proved himself to be “unfit for a deal demanding intricate and sensitive management.”
Tsipras further claimed that his confrontational style made him more and more alone among peers, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
This account of events has been met with fury and shock among certain groups, while the former minister has so far maintained a deafening silence regarding these claims.
