In a freshly published autobiography, called Ithaki, the former prime minister Alexis Tsipras does not hold back while he examines that chaotic period during Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's recollections, Tsipras appointed the maverick economist Varoufakis to be the finance minister largely due to his worldwide fame along with Varoufakis's very persuasive skills as a communicator.
“In reality, he was, actually, more like a personality and less of an economic expert,” wrote Tsipras.
Clashing Agendas
Tsipras alleges that his finance chief possessed his own agenda that involved advancing Varoufakis's publications as well as experimenting with his own game theories using Greece rather than truly fighting for its financial survival.
He explained that those discussions to prevent bankruptcy became “not just a method to secure a better deal for the country. They became an experiment, an historic chance to prove the truth of his ideas.”
Critical Negotiations
Amid rollercoaster discussions, Greece found itself dangerously on the brink of leaving the single currency area.
On the line lay both the country's future and the severe austerity measures demanded in return for rescue loans by foreign lenders.
Failed Options
Attempts to find funds elsewhere, such as a desperate plea to Russia to buy Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by Reversal
That summer, the excoriating bailout terms were put to a popular referendum, a move which threw Europe into a further crisis of identity.
Although the referendum was won decisively by those who opposed the cuts, the prime minister was forced but to reject its outcome and agree to a bailout package from foreign lenders which turned out to be tougher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis quite early on.
“He was the face of the talks, the figure who attracted media attention, who appeared on the covers of publications globally … it seemed he relished the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a secondary currency as well as issuing vouchers to retirees, Tsipras said he realised that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the book, Tsipras asserts how his former ally demonstrated himself to be “unsuitable for an agreement demanding complex and sensitive management.”
Tsipras also wrote that his confrontational approach left him more and more alone with colleagues, put Greece at risk, and helped hardliners that were pushing for Grexit.
This account of events has provoked anger along with shock in some quarters, whereas the former minister has so far kept a deafening silence regarding these claims.
