In a recently unveiled memoir, called Ithaki, the former prime minister Alexis Tsipras does not hold back while he revisits that chaotic period during Greece's debt drama.
A Controversial Appointment
In Tsipras's account, Tsipras chose that maverick economist Yanis Varoufakis as his finance minister largely due to his international reputation and his highly compelling skills when it came to public orator.
“In reality, he was, actually, more of a star rather than an economist,” wrote Tsipras.
Clashing Agendas
Tsipras suggests how Varoufakis possessed a personal agenda that involved promoting his publications and testing out his own game theories using Greece rather than truly fighting for its financial survival.
Tsipras explained how the talks to avoid insolvency were “not just a way of achieving a better deal for Greece. They were a test, a monumental chance to prove the truth of Varoufakis's theories.”
Critical Talks
Amid tense negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
At stake was both the country's future and the punishing cutbacks required in return for rescue loans from foreign lenders.
Failed Options
Efforts to secure funds elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, the punitive conditions were subjected to a public vote, an action that plunged Europe into further crisis of identity.
Even though the referendum was won resoundingly by voters who opposed the cuts, Tsipras had little option but to reject its outcome and agree to a bailout package with creditors which turned out to be even harsher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the covers of publications globally … he gave the impression he relished his new role.”
After the minister outlined a contingency plan involving creating a secondary currency as well as issuing vouchers to retirees, Tsipras said he realised it was game over and asked Varoufakis: “Are you serious?”
Enduring Rebuke
Within the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for an agreement demanding complex and sensitive handling.”
Tsipras further claimed that Varoufakis's confrontational approach left him increasingly isolated with colleagues, put Greece at risk, and helped hardliners that were pushing for a Greek exit from the euro.
This retelling of events has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
