Within his recently unveiled autobiography, named Ithaki, the former prime minister Alexis Tsipras does not hold back as he revisits that chaotic period during Greece's economic turmoil.
A Controversial Appointment
According to the ex-PM's recollections, Tsipras appointed the maverick academic Yanis Varoufakis as his treasury head largely because of the latter's international reputation along with Varoufakis's very persuasive skills when it came to public orator.
“In reality, he was, in reality, more like a star rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader suggests that Varoufakis possessed his own agenda which involved promoting his books and testing out his own game theories on the nation instead of truly fighting for its financial survival.
He wrote that those discussions to prevent insolvency became “not just a method of achieving improved terms for the country. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
During volatile discussions, Greece found itself dangerously close to exiting the single currency area.
At stake was not only Greece's future and the severe austerity measures required in return for bailout funds from foreign lenders.
Failed Alternatives
Efforts to secure funds from other sources, including an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a public vote, an action that plunged the EU into further existential crisis.
Although the vote was carried decisively by voters against the cuts, the prime minister was forced to ignore the result and negotiate a rescue deal with foreign lenders that proved to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who drew media attention, who graced the front pages of magazines globally … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy involving establishing a secondary currency as well as distributing coupons to retirees, the leader said he realised that it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras concludes how Varoufakis had proved himself “unfit for a deal demanding intricate and sensitive management.”
He further claimed that his aggressive style left him increasingly isolated with colleagues, endangered the country, and assisted hardliners who were advocating Grexit.
This retelling of events has provoked anger along with shock among certain groups, while Varoufakis has kept a conspicuous quiet regarding these claims.
