Within his recently unveiled autobiography, called Ithaki, the former prime minister Alexis Tsipras does not hold back as he reflects on that chaotic period during Greece's financial crisis.
A Controversial Appointment
According to the ex-PM's account, Tsipras chose the maverick economist Yanis Varoufakis to be the treasury head primarily because of his worldwide fame and Varoufakis's highly compelling abilities when it came to speaker.
“In reality, he was, actually, more of a personality and less of an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader alleges how his finance chief possessed a personal motives which included promoting Varoufakis's publications and testing out his own economic models using Greece instead of truly advocating its financial survival.
He explained how those negotiations to stave off insolvency were “not only a way of achieving a better deal for the country. They became an experiment, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece came perilously close to leaving the single currency area.
At stake was both the country's destiny but also the harsh austerity policies required in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to find funds from other sources, such as a desperate appeal to Russia to buy Greek government bonds, were rejected.
Helping the indebted country was equivalent to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those excoriating conditions were put to a public vote, an action which threw the EU into a deeper crisis of identity.
Although the vote was carried decisively by those against austerity, the prime minister was forced but to reject its outcome then agree to a rescue deal from foreign lenders which proved to be even harsher.
Breaking Point
Tsipras revealed that he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who drew media attention, who graced the front pages of publications the world over … he gave the impression he relished his new role.”
When Varoufakis proposed a contingency plan that included creating a parallel currency as well as distributing vouchers to retirees, the leader said he realised that it was the end questioning him: “Is this for real?”
Enduring Rebuke
Within the book, Tsipras asserts that his former ally demonstrated himself “unsuitable for an agreement that required complex and sensitive handling.”
He further claimed that his confrontational approach left him increasingly isolated with colleagues, endangered the country, and helped hardliners who were pushing for Grexit.
The account of events has provoked anger along with shock among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
