Within his recently unveiled autobiography, called Ithaki, the ex- premier Alexis Tsipras does not hold back while he revisits that turbulent era during Greece's debt drama.
A Controversial Choice
As per Tsipras's version, he appointed that unorthodox economist Varoufakis to be his treasury head mainly due to his international reputation and his highly compelling abilities as a communicator.
“He was, truthfully, more like a star and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
The former leader alleges how his finance chief had his own motives that involved advancing Varoufakis's books and testing out his theories on the nation rather than truly advocating the country's financial survival.
Tsipras explained how those discussions to prevent insolvency were “not just a method of achieving a better deal for the country. They became a test, a monumental opportunity to prove the truth of his economic theories.”
High-Stakes Negotiations
During volatile negotiations, the country came dangerously close to exiting the eurozone.
On the line was both the country's future and those harsh austerity policies demanded in exchange for bailout funds from foreign lenders.
Failed Alternatives
Attempts to secure financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action that threw Europe into further existential crisis.
Although the referendum was won decisively by those who opposed austerity, Tsipras had little option but to ignore the result and negotiate a rescue deal with foreign lenders which proved to be tougher.
Final Straw
The ex-PM claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he relished the spotlight.”
After the minister outlined a contingency plan that included establishing a parallel currency and distributing coupons to pensioners, Tsipras said he realised that it was the end and asked him: “Are you serious?”
Enduring Criticism
Within the book, Tsipras asserts that Varoufakis had proved himself “unsuitable for an agreement demanding complex and sensitive handling.”
Tsipras further claimed how Varoufakis's confrontational approach made him more and more alone with colleagues, endangered the country, while helped hardliners that were advocating Grexit.
This account of events has been met with anger along with shock among certain groups, while the former minister has so far maintained a deafening silence regarding these claims.
