In a freshly published personal account, titled Ithaki, the former premier Alexis Tsipras does not hold back as he reflects on the chaotic era during Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's recollections, Tsipras chose the unorthodox economist Varoufakis to be the finance minister largely due to his worldwide fame along with Varoufakis's very persuasive skills when it came to communicator.
“He was, actually, more like a star and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader alleges that his finance chief had his own motives which involved advancing his publications and testing out his economic models on the nation rather than truly fighting for its financial survival.
He noted how the negotiations to avoid insolvency were “not only a method to secure improved terms for Greece. They were an experiment, a monumental chance to prove the truth of Varoufakis's economic theories.”
Critical Negotiations
Amid rollercoaster discussions, the country came dangerously close to leaving the single currency area.
At stake lay both the country's future and those severe cutbacks required in return for bailout funds by international creditors.
Failed Alternatives
Efforts to find funds elsewhere, including an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, the excoriating bailout terms were subjected to a public vote, an action that plunged Europe into further crisis of identity.
Although the vote was carried decisively by voters against the cuts, Tsipras was forced to reject its outcome then agree to a rescue deal from foreign lenders that turned out to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who graced the covers of magazines the world over … it seemed he was enjoying his new role.”
When Varoufakis proposed a backup strategy involving creating a secondary currency and issuing coupons to pensioners, the leader knew that it was the end questioning him: “Can you be serious?”
Lasting Rebuke
Within the book, the author concludes that his former ally had proved himself “unfit for an agreement demanding intricate and delicate management.”
He further wrote that his aggressive style made him more and more alone among peers, endangered the country, while helped hawks that were advocating a Greek exit from the euro.
This account of history has been met with anger and shock among certain groups, while the former minister has kept a deafening silence on the matter.
