In a freshly published memoir, called Ithaki, the former prime minister Alexis Tsipras pulls no punches as he examines that chaotic era of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's account, he chose that maverick academic Yanis Varoufakis as the finance minister primarily due to his international reputation and his “extremely attractive” skills when it came to public orator.
“He was, truthfully, more of a personality rather than an economist,” wrote Tsipras.
Conflicting Priorities
The former leader alleges how his finance chief possessed a personal motives which involved advancing Varoufakis's publications and experimenting with his own game theories on the nation instead of genuinely fighting for the country's economic stability.
He noted that those talks to avoid bankruptcy became “not only a way of achieving improved terms for the country. They were an experiment, a monumental opportunity to prove the truth of his theories.”
Critical Talks
During tense negotiations, the country came perilously on the brink of leaving the eurozone.
On the line was not only Greece's destiny and those harsh austerity measures demanded in exchange for financial aid from international creditors.
Failed Options
Efforts to secure financing from other sources, including a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, those punitive bailout terms were put to a popular referendum, a move which threw the EU into a further crisis of identity.
Although the vote was carried decisively by voters who opposed the cuts, Tsipras had little option to reject its outcome and negotiate a bailout package from foreign lenders which proved to be tougher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who drew publicity, who graced the front pages of magazines globally … it seemed he relished his new role.”
After the minister outlined a backup strategy that included creating a parallel currency and issuing coupons to retirees, the leader said he realised that it was the end and asked him: “Is this for real?”
Enduring Rebuke
Within the memoir, the author concludes that Varoufakis demonstrated himself “unfit for an agreement that required complex and sensitive handling.”
He further claimed that his aggressive style made him more and more alone with colleagues, put Greece at risk, while helped hawks that were pushing for a Greek exit from the euro.
The retelling of events has been met with anger along with stunned disbelief in some quarters, whereas the former minister has so far maintained a deafening silence regarding these claims.