In a recently unveiled personal account, titled Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits that turbulent era during Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's recollections, Tsipras selected the maverick academic Yanis Varoufakis to be the treasury head largely due to the latter's international reputation and his “extremely attractive” skills when it came to communicator.
“He was, actually, more of a star rather than an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras alleges that Varoufakis had a personal motives that involved advancing his publications and testing out his economic models using the nation rather than genuinely fighting for its economic stability.
Tsipras explained how the talks to avoid bankruptcy were “not only a way to secure improved terms for Greece. They were an experiment, a monumental chance to prove the truth of his theories.”
Critical Negotiations
During tense negotiations, the country found itself perilously on the brink of leaving the single currency area.
On the line was not only the country's future and the punishing austerity measures demanded in return for bailout funds by international creditors.
Failed Options
Efforts to secure financing from other sources, such as an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money in the trash-can, Putin reportedly told Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, those excoriating bailout terms were subjected to a popular referendum, an action which plunged Europe into a deeper crisis of identity.
Although the vote was won decisively by voters who opposed the cuts, Tsipras was forced to reject its outcome and negotiate a bailout package from creditors which turned out to be more severe.
Breaking Point
Tsipras revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who attracted publicity, who graced the covers of publications globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a contingency plan involving establishing a parallel currency and issuing vouchers to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the book, Tsipras asserts how Varoufakis had proved himself “unfit for a deal demanding complex and delicate management.”
Tsipras further wrote that Varoufakis's aggressive style made him more and more alone among peers, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
The account of history has been met with anger and stunned disbelief among certain groups, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
