Within his newly released personal account, called Ithaki, the ex- premier Alexis Tsipras does not hold back while he reflects on that turbulent period of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's version, he chose the maverick academic Varoufakis to be the treasury head mainly because of the latter's international reputation and his highly compelling abilities when it came to speaker.
“In reality, he was, actually, more of a star and less of an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader alleges that his finance chief possessed a personal agenda which included advancing his publications as well as testing out his own economic models using the nation rather than genuinely advocating the country's financial survival.
He wrote how those negotiations to avoid insolvency were “not only a method of achieving improved terms for the country. They were a test, a monumental chance to prove the validity of his ideas.”
High-Stakes Negotiations
Amid rollercoaster discussions, the country came dangerously on the brink of leaving the eurozone.
At stake lay not only the country's future and those punishing cutbacks required in return for bailout funds by foreign lenders.
Failed Alternatives
Efforts to secure financing from other sources, including a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Assisting the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those harsh conditions were subjected to a public vote, a move that plunged the EU into a further crisis of identity.
Although the vote was won resoundingly by those who opposed austerity, Tsipras was forced but to reject its outcome then agree to a bailout package from creditors that proved to be more severe.
Final Straw
Tsipras revealed that he began to doubt his finance minister quite early on.
“He was the face of the talks, the figure who drew media attention, who appeared on the covers of publications globally … it seemed he relished his new role.”
After the minister proposed a contingency plan that included establishing a parallel currency and issuing vouchers to pensioners, Tsipras said he realised that it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, the author concludes how his former ally demonstrated himself “unsuitable for a deal demanding intricate and sensitive handling.”
Tsipras further wrote that Varoufakis's confrontational style left him increasingly isolated among peers, put Greece at risk, while assisted hawks who were advocating Grexit.
This account of history has been met with fury and shock in some quarters, while Varoufakis has maintained a conspicuous quiet regarding these claims.
