In a newly released personal account, named Ithaki, the former premier Alexis Tsipras does not hold back while he reflects on that chaotic period of Greece's economic turmoil.
A Controversial Choice
In Tsipras's recollections, Tsipras chose that unorthodox economist Varoufakis to be the finance minister primarily due to his international reputation along with his “extremely attractive” skills as a communicator.
“In reality, he was, actually, more of a personality rather than an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader alleges how Varoufakis had his own motives that included promoting his books as well as testing out his own economic models on Greece rather than genuinely advocating the country's economic stability.
Tsipras wrote how those negotiations to stave off bankruptcy became “not just a way of achieving a better deal for Greece. They became an experiment, an historic chance to demonstrate the truth of his ideas.”
Critical Talks
During tense discussions, the country found itself perilously close to leaving the eurozone.
At stake lay both Greece's future and those severe cutbacks demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, the punitive bailout terms were put to a public vote, a move that plunged the EU into a further crisis of identity.
Even though the referendum was won decisively by voters against austerity, the prime minister was forced but to ignore the result then negotiate a bailout package with creditors which proved to be tougher.
Final Straw
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the face of the talks, the figure who attracted publicity, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When the minister outlined a contingency plan that included establishing a parallel currency and distributing coupons to pensioners, Tsipras said he realised it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, Tsipras asserts how his former ally had proved himself “unsuitable for a deal that required intricate and delicate handling.”
Tsipras also claimed how his aggressive style made him more and more alone with colleagues, endangered the country, and assisted hardliners who were advocating a Greek exit from the euro.
This account of events has been met with fury and shock in some quarters, while the former minister has so far maintained a conspicuous quiet regarding these claims.
