In a freshly published autobiography, called Ithaki, the ex- leader Alexis Tsipras does not hold back while he examines that chaotic period during Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's recollections, he selected the unorthodox economist Yanis Varoufakis as his finance minister mainly due to his worldwide fame and Varoufakis's very persuasive skills when it came to public orator.
“He was, truthfully, more of a star rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras alleges that his finance chief possessed a personal agenda that included advancing Varoufakis's publications and experimenting with his own theories using Greece rather than truly fighting for the country's financial survival.
Tsipras noted that the negotiations to avoid insolvency became “not only a method to secure improved terms for the country. They became an experiment, a monumental chance to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
During volatile discussions, the country found itself perilously close to leaving the eurozone.
On the line was both the country's future but also the harsh cutbacks required in exchange for financial aid from international creditors.
Unsuccessful Options
Attempts to secure financing from other sources, including an urgent appeal to the Kremlin to buy Greek bonds, were rejected.
Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum and Reversal
That summer, the punitive conditions were subjected to a popular referendum, an action which plunged Europe into a deeper existential crisis.
Even though the referendum was carried decisively by voters who opposed the cuts, Tsipras had little option but to reject its outcome then negotiate a rescue deal with foreign lenders which proved to be more severe.
Final Straw
Tsipras revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan that included establishing a parallel currency and issuing vouchers to pensioners, the leader knew that it was game over and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the book, the author concludes how Varoufakis had proved himself to be “unfit for a deal demanding complex and delicate handling.”
Tsipras also claimed that his aggressive style left him more and more alone with colleagues, endangered the country, and helped hardliners who were pushing for Grexit.
This account of history has been met with anger along with stunned disbelief among certain groups, whereas the former minister has so far maintained a deafening silence regarding these claims.
