Within his newly released personal account, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he examines that chaotic era of Greece's debt drama.
An Unconventional Choice
As per the ex-PM's version, he selected the maverick economist Varoufakis as his finance minister primarily due to the latter's international reputation and his highly compelling abilities when it came to public orator.
“He was, truthfully, more of a personality and less of an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader claims that Varoufakis had a personal motives which involved advancing Varoufakis's books and experimenting with his theories using Greece rather than truly fighting for its economic stability.
Tsipras explained how the talks to avoid insolvency became “not only a way to secure improved terms for Greece. They were a test, an historic chance to prove the truth of his economic theories.”
High-Stakes Talks
Amid volatile negotiations, Greece found itself dangerously close to leaving the eurozone.
On the line was both the country's future but also those punishing austerity measures required in exchange for rescue loans by international creditors.
Failed Alternatives
Efforts to secure financing from other sources, including an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, those punitive conditions were subjected to a public vote, a move which threw the EU into a further existential crisis.
Although the referendum was carried resoundingly by voters against austerity, the prime minister was forced to ignore the result and agree to a bailout package with 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 face of negotiation, the figure who attracted media attention, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
When the minister outlined a backup strategy that included establishing a secondary currency and distributing coupons to pensioners, the leader said he realised it was the end questioning him: “Can you be serious?”
Enduring Rebuke
In the book, the author asserts how Varoufakis demonstrated himself “unsuitable for a deal that required intricate and sensitive management.”
He further wrote that his confrontational style made him more and more alone among peers, endangered the country, while helped hardliners that were pushing for Grexit.
This retelling of events has provoked fury and stunned disbelief among certain groups, while Varoufakis has so far kept a deafening silence regarding these claims.
