In a recently unveiled personal account, called Ithaki, the former premier Alexis Tsipras pulls no punches while he examines the turbulent period during Greece's financial crisis.
An Unconventional Choice
In the ex-PM's version, Tsipras chose the unorthodox economist Varoufakis as his finance minister largely due to the latter's international reputation along with his highly compelling abilities when it came to public orator.
“He was, truthfully, more like a personality and less of an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader suggests that his finance chief possessed a personal agenda that included promoting his publications and experimenting with his game theories on the nation rather than truly fighting for its financial survival.
Tsipras explained how those negotiations to prevent bankruptcy became “not just a method of achieving improved terms for Greece. They were an experiment, an historic chance to prove the validity of Varoufakis's economic theories.”
Critical Negotiations
During rollercoaster negotiations, the country came perilously close to leaving the eurozone.
On the line lay not only the country's future but also those severe austerity measures required in return for bailout funds by foreign lenders.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, including an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those harsh bailout terms were put to a popular referendum, an action which threw the EU into a further crisis of identity.
Although the referendum was won resoundingly by those who opposed the cuts, Tsipras had little option but to reject its outcome then agree to a bailout package with foreign lenders that proved to be tougher.
Final Straw
Tsipras revealed how he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew media attention, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
When the minister outlined a contingency plan that included creating a parallel currency and issuing vouchers to pensioners, the leader knew that it was the end questioning him: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras concludes that Varoufakis had proved himself “unsuitable for a deal that required complex and delicate handling.”
He also claimed that Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were advocating Grexit.
This account of history has been met with fury along with shock in some quarters, while the former minister has so far maintained a conspicuous quiet regarding these claims.
