Within his freshly published memoir, titled Ithaki, the former leader Alexis Tsipras pulls no punches as he revisits the chaotic period of Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's account, he selected that unorthodox economist Varoufakis as his treasury head primarily due to the latter's international reputation along with his highly compelling skills as a communicator.
“He was, truthfully, more like a celebrity rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims how his finance chief possessed a personal motives which included promoting Varoufakis's books and testing out his game theories on the nation instead of truly fighting for its economic stability.
Tsipras wrote that the talks to avoid bankruptcy were “not just a way of achieving improved terms for the country. They became a test, a monumental chance to demonstrate the validity of his ideas.”
High-Stakes Talks
During rollercoaster discussions, Greece came perilously close to leaving the eurozone.
On the line lay both Greece's destiny and the severe austerity policies required in exchange for bailout funds from international creditors.
Unsuccessful Options
Attempts to find funds from other sources, including an urgent plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, the punitive bailout terms were put to a popular referendum, an action which threw Europe into deeper existential crisis.
Even though the referendum was carried decisively by those who opposed austerity, Tsipras had little option to ignore the result then negotiate a bailout package with creditors which proved to be more severe.
Final Straw
Tsipras claimed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who appeared on the front pages of magazines the world over … it seemed he relished the spotlight.”
When Varoufakis outlined a backup strategy that included creating a secondary currency and issuing coupons to pensioners, Tsipras said he realised it was game over and asked him: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras concludes how his former ally demonstrated himself “unsuitable for a deal demanding intricate and delicate management.”
He further claimed how his aggressive style made him increasingly isolated with colleagues, endangered the country, while assisted hawks who were advocating Grexit.
The retelling of history has been met with anger along with stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.