Within his newly released memoir, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches while he reflects on that chaotic era during Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's account, he chose the maverick academic Yanis Varoufakis as the finance minister largely due to the latter's international reputation and his “extremely attractive” skills as a public orator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
The former leader suggests how Varoufakis had a personal agenda which included promoting his publications and testing out his own theories on Greece rather than genuinely advocating the country's economic stability.
He explained how those discussions to avoid insolvency became “not just a way of achieving improved terms for the country. They became a test, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
Amid volatile negotiations, Greece found itself dangerously on the brink of leaving the eurozone.
At stake lay not only Greece's future and the punishing cutbacks demanded in exchange for financial aid by foreign lenders.
Unsuccessful Options
Attempts to find funds from other sources, including an urgent plea to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those harsh bailout terms were put to a popular referendum, an action which plunged the EU into deeper existential crisis.
Although the vote was won decisively by those against austerity, the prime minister was forced but to reject its outcome and negotiate a rescue deal from creditors which turned out to be more severe.
Breaking Point
Tsipras revealed that he started questioning Varoufakis quite early on.
“He was the face of negotiation, the figure who drew publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency and distributing vouchers to retirees, Tsipras said he realised that it was game over and asked him: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how Varoufakis had proved himself “unsuitable for an agreement demanding intricate and sensitive handling.”
He also wrote how Varoufakis's confrontational approach left him more and more alone with colleagues, endangered the country, while helped hardliners that were pushing for a Greek exit from the euro.
This account of history has been met with fury and shock among certain groups, while the former minister has so far kept a conspicuous quiet regarding these claims.
