In a recently unveiled autobiography, named Ithaki, the former premier Alexis Tsipras spares no criticism while he revisits that turbulent era during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's recollections, he selected the maverick economist Yanis Varoufakis as the treasury head primarily because of his international reputation along with his very persuasive skills as a public orator.
“He was, actually, more of a celebrity and less of an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader alleges how Varoufakis had a personal agenda which included advancing his books as well as experimenting with his economic models on Greece instead of truly fighting for its financial survival.
He noted that the discussions to prevent insolvency became “not just a way of achieving improved terms for Greece. They became a test, a monumental chance to prove the validity of his economic theories.”
Critical Negotiations
During rollercoaster discussions, the country came perilously on the brink of leaving the eurozone.
On the line lay not only the country's future and those punishing austerity measures required in exchange for bailout funds from international creditors.
Unsuccessful Alternatives
Attempts to secure funds from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country was equivalent to throwing money in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the harsh conditions were subjected to a popular referendum, a move which threw the EU into further existential crisis.
Although the vote was carried resoundingly by voters against the cuts, the prime minister was forced to ignore the result then agree to a bailout package with creditors that proved to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the front pages of publications globally … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy involving creating a secondary currency and distributing vouchers to pensioners, the leader said he realised it was the end and asked him: “Is this for real?”
Enduring Rebuke
Within the memoir, the author asserts how Varoufakis demonstrated himself “unfit for an agreement that required intricate and sensitive management.”
Tsipras also wrote how his confrontational approach made him more and more alone with colleagues, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
This retelling of history has provoked fury and stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence on the matter.
