Within his newly released personal account, called Ithaki, the former prime minister Alexis Tsipras pulls no punches while he examines the turbulent era during Greece's financial crisis.
A Controversial Appointment
According to the ex-PM's version, he appointed the unorthodox economist Varoufakis to be the treasury head largely because of the latter's global profile and his highly compelling abilities as a public orator.
“In reality, he was, actually, more like a star rather than an economist,” stated the 51-year-old.
Clashing Priorities
The former leader alleges how Varoufakis had his own motives which involved advancing Varoufakis's publications and testing out his own economic models using Greece instead of truly advocating its financial survival.
Tsipras wrote how the discussions to prevent insolvency were “not just a method of achieving a better deal for Greece. They were an experiment, a monumental chance to demonstrate the truth of his ideas.”
Critical Talks
During volatile discussions, Greece found itself dangerously close to leaving the single currency area.
On the line lay both the country's destiny but also the severe cutbacks demanded in exchange for rescue loans from international creditors.
Unsuccessful Options
Attempts to find funds from other sources, such as a desperate appeal to Russia to buy Greek government bonds, were rejected.
Helping the indebted country was equivalent to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Public Vote and Reversal
In July 2015, the harsh conditions were subjected to a popular referendum, a move which plunged the EU into further crisis of identity.
Even though the referendum was won decisively by those who opposed austerity, Tsipras was forced but to reject its outcome then agree to a bailout package with foreign lenders which turned out to be even harsher.
Final Straw
Tsipras claimed how he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the man who attracted media attention, who graced the covers of magazines the world over … it seemed he relished the spotlight.”
After Varoufakis outlined a contingency plan involving creating a secondary currency and issuing coupons to pensioners, Tsipras knew it was game over questioning him: “Can you be serious?”
Lasting Rebuke
Within the book, the author concludes how Varoufakis had proved himself “unsuitable for an agreement demanding intricate and sensitive management.”
Tsipras further wrote that his confrontational approach left him more and more alone among peers, put Greece at risk, while assisted hardliners who were advocating a Greek exit from the euro.
This retelling of history has been met with fury and shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
