Within his recently unveiled personal account, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he reflects on that turbulent period during Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's recollections, Tsipras chose the maverick economist Yanis Varoufakis as his treasury head mainly due to the latter's global profile along with Varoufakis's very persuasive skills as a public orator.
“He was, in reality, more like a personality rather than an economist,” wrote Tsipras.
Conflicting Priorities
The former leader alleges that his finance chief possessed a personal agenda that involved advancing Varoufakis's publications as well as testing out his own economic models using Greece instead of genuinely fighting for its financial survival.
Tsipras noted how those discussions to prevent bankruptcy became “not just a way of achieving a better deal for the country. They became a test, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
During volatile discussions, Greece came dangerously on the brink of leaving the eurozone.
On the line lay not only the country's future and those punishing austerity policies required in return for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to find financing elsewhere, such as an urgent plea to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, those excoriating bailout terms were subjected to a public vote, a move which plunged the EU into a deeper crisis of identity.
Although the referendum was carried resoundingly by those against austerity, the prime minister had little option but to ignore the result and negotiate a bailout package from foreign lenders which proved to be more severe.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the front pages of publications the world over … it seemed he was enjoying his new role.”
After the minister proposed a contingency plan that included creating a secondary currency as well as distributing vouchers to retirees, the leader knew it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for an agreement demanding intricate and delicate management.”
Tsipras also wrote that his aggressive approach left him increasingly isolated among peers, endangered the country, and assisted hawks who were advocating Grexit.
This retelling of events has been met with fury along with stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet regarding these claims.
