In a freshly published personal account, titled Ithaki, the former premier Alexis Tsipras pulls no punches while he reflects on the chaotic era of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's version, Tsipras appointed that maverick economist Yanis Varoufakis to be his finance minister largely because of his global profile along with his highly compelling abilities as a public orator.
“In reality, he was, in reality, more of a personality rather than an economic expert,” recalled Tsipras.
Clashing Priorities
Tsipras claims how Varoufakis had his own motives which included advancing Varoufakis's publications as well as experimenting with his game theories on Greece rather than genuinely fighting for its financial survival.
He explained how those negotiations to avoid bankruptcy became “not only a way to secure improved terms for the country. They were a test, a monumental opportunity to demonstrate the truth of his ideas.”
High-Stakes Negotiations
During volatile negotiations, Greece found itself perilously on the brink of exiting the single currency area.
On the line was not only Greece's destiny and those severe cutbacks demanded in return for bailout funds from international creditors.
Unsuccessful Options
Efforts to secure financing elsewhere, including a desperate plea to Russia to buy Greek government bonds, were rejected.
Assisting Greece would be tantamount to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the harsh bailout terms were put to a popular referendum, an action which threw the EU into a further crisis of identity.
Although the referendum was won resoundingly by voters against the cuts, the prime minister was forced but to reject its outcome then agree to a rescue deal from foreign lenders which proved to be more severe.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who attracted media attention, who appeared on the covers of magazines the world over … it seemed he relished the spotlight.”
After the minister proposed a contingency plan that included establishing a secondary currency as well as distributing coupons to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the memoir, Tsipras asserts how his former ally had proved himself “unfit for an agreement demanding intricate and sensitive management.”
Tsipras also wrote that Varoufakis's aggressive style made him more and more alone with colleagues, put Greece at risk, and helped hawks who were pushing for Grexit.
The account of events has provoked fury along with stunned disbelief among certain groups, whereas Varoufakis has maintained a deafening silence regarding these claims.
