In a freshly published autobiography, named Ithaki, the former leader Alexis Tsipras pulls no punches as he examines the turbulent era of Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's recollections, Tsipras appointed that unorthodox economist Varoufakis to be the treasury head mainly because of the latter's international reputation along with Varoufakis's very persuasive skills as a communicator.
“He was, actually, more of a celebrity and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader suggests that his finance chief had a personal agenda that involved advancing Varoufakis's books as well as experimenting with his game theories on Greece rather than genuinely fighting for the country's economic stability.
Tsipras noted how the discussions to avoid bankruptcy were “not just a way to secure a better deal for the country. They became an experiment, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
Amid tense discussions, the country found itself perilously close to exiting the eurozone.
On the line was not only the country's destiny and those punishing cutbacks required in return for rescue loans by international creditors.
Failed Options
Efforts to secure funds elsewhere, including a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, those excoriating conditions were subjected to a popular referendum, an action that threw the EU into a deeper existential crisis.
Although the referendum was won resoundingly by those against the cuts, the prime minister had little option but to ignore the result and negotiate a bailout package from creditors that turned out to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the figure who drew publicity, who graced the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan involving establishing a parallel currency as well as issuing coupons to pensioners, the leader knew that it was game over questioning him: “Is this for real?”
Lasting Criticism
In the book, Tsipras asserts that Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras further wrote that Varoufakis's confrontational approach left him more and more alone with colleagues, put Greece at risk, while assisted hawks who were advocating Grexit.
The account of events has been met with anger along with stunned disbelief among certain groups, while the former minister has so far kept a deafening silence on the matter.
