Within his recently unveiled autobiography, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he examines that chaotic period of Greece's financial crisis.
A Controversial Appointment
According to the ex-PM's recollections, Tsipras selected that unorthodox economist Yanis Varoufakis to be the finance minister largely due to his global profile and his highly compelling skills when it came to communicator.
“In reality, he was, in reality, more like a star rather than an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras suggests that Varoufakis had a personal motives that included advancing his books as well as testing out his game theories on Greece instead of genuinely advocating the country's financial survival.
He noted that the discussions to stave off bankruptcy became “not only a way to secure a better deal for Greece. They became a test, an historic opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, the country came dangerously on the brink of exiting the eurozone.
At stake lay not only Greece's destiny but also those punishing austerity measures demanded in return for rescue loans by foreign lenders.
Failed Alternatives
Efforts to find funds elsewhere, including a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, the excoriating bailout terms were put to a popular referendum, a move that threw Europe into further existential crisis.
Although the vote was carried decisively by those who opposed the cuts, Tsipras had little option but to reject its outcome then negotiate a rescue deal from foreign lenders that proved to be even harsher.
Final Straw
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the figure who attracted publicity, who graced the front pages of publications globally … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a contingency plan involving establishing a secondary currency as well as issuing vouchers to pensioners, the leader said he realised that it was game over questioning him: “Are you serious?”
Enduring Rebuke
Within the book, Tsipras concludes how Varoufakis had proved himself to be “unsuitable for a deal that required complex and delicate management.”
Tsipras also claimed that his confrontational style left him increasingly isolated among peers, endangered the country, while assisted hardliners that were advocating Grexit.
This account of history has provoked fury and stunned disbelief in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.
