Within his newly released personal account, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism while he reflects on that turbulent period of Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's version, Tsipras selected that maverick academic Yanis Varoufakis as his treasury head mainly due to his international reputation and Varoufakis's “extremely attractive” abilities when it came to public orator.
“In reality, he was, truthfully, more like a personality rather than an economic expert,” recalled Tsipras.
Clashing Priorities
Tsipras suggests how his finance chief had his own agenda which included promoting his publications as well as experimenting with his game theories on the nation instead of truly fighting for its economic stability.
He noted how the talks to prevent insolvency became “not just a way of achieving improved terms for the country. They were a test, an historic chance to prove the truth of his ideas.”
High-Stakes Talks
Amid tense negotiations, Greece found itself perilously close to leaving the eurozone.
At stake was both Greece's destiny but also the severe austerity measures demanded in exchange for bailout funds from foreign lenders.
Failed Options
Efforts to find financing elsewhere, such as a desperate plea to Russia to purchase Greek bonds, fell on stony ground.
Helping Greece would be equivalent to tossing cash in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, the excoriating bailout terms were subjected to a public vote, a move which threw the EU into a further crisis of identity.
Even though the vote was carried decisively by those against austerity, Tsipras was forced to ignore the result and agree to a bailout package with creditors that turned out to be more severe.
Final Straw
Tsipras claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the front pages of publications globally … he gave the impression he relished the spotlight.”
When Varoufakis outlined a contingency plan involving establishing a secondary currency as well as distributing coupons to pensioners, the leader said he realised that it was the end questioning him: “Are you serious?”
Enduring Rebuke
In the book, Tsipras concludes how Varoufakis had proved himself “unfit for an agreement that required complex and sensitive handling.”
He further wrote how Varoufakis's aggressive style made him increasingly isolated with colleagues, endangered the country, while helped hawks who were advocating Grexit.
This account of history has provoked anger along with stunned disbelief in some quarters, while Varoufakis has kept a conspicuous quiet regarding these claims.
