Within his newly released memoir, called Ithaki, the former prime minister Alexis Tsipras does not hold back while he reflects on that chaotic era during Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's version, he selected that maverick academic Yanis Varoufakis to be the finance minister primarily because of his international reputation and Varoufakis's “extremely attractive” skills as a communicator.
“In reality, he was, actually, more like a star and less of an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader alleges how Varoufakis had his own agenda which included advancing his books as well as testing out his own economic models on the nation instead of truly advocating the country's financial survival.
Tsipras noted that those discussions to stave off insolvency were “not only a way of achieving a better deal for Greece. They were an experiment, an historic chance to prove the truth of his ideas.”
Critical Negotiations
Amid rollercoaster discussions, Greece found itself dangerously close to exiting the single currency area.
On the line lay not only the country's future and the punishing austerity policies required in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to secure funds from other sources, including a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, those harsh bailout terms were subjected to a public vote, an action which threw the EU into a deeper crisis of identity.
Although the vote was won resoundingly by those who opposed austerity, the prime minister was forced but to ignore the result and agree to a bailout package with foreign lenders which turned out to be more severe.
Final Straw
The ex-PM revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the front pages of magazines the world over … it seemed he relished his new role.”
When the minister proposed a backup strategy that included creating a parallel currency and issuing coupons to retirees, Tsipras knew it was the end and asked him: “Are you serious?”
Enduring Criticism
In the memoir, the author asserts how his former ally had proved himself “unsuitable for an agreement demanding complex and delicate management.”
He also wrote that Varoufakis's confrontational approach left him more and more alone with colleagues, endangered the country, while assisted hardliners who were pushing for Grexit.
The retelling of events has been met with anger along with stunned disbelief in some quarters, while the former minister has kept a deafening silence regarding these claims.
