In a newly released autobiography, called Ithaki, the ex- premier Alexis Tsipras spares no criticism while he reflects on the chaotic era during Greece's debt drama.
A Controversial Choice
In Tsipras's version, he chose the maverick academic Yanis Varoufakis as his finance minister largely due to his global profile along with Varoufakis's “extremely attractive” abilities as a speaker.
“He was, in reality, more like a celebrity rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader alleges that Varoufakis possessed his own motives which involved promoting Varoufakis's books as well as experimenting with his theories on Greece instead of truly advocating the country's financial survival.
He explained how those discussions to stave off insolvency were “not just a method of achieving improved terms for the country. They became a test, an historic chance to demonstrate the validity of his economic theories.”
Critical Negotiations
During rollercoaster negotiations, the country came perilously close to exiting the eurozone.
At stake lay not only the country's future and those punishing austerity measures demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Efforts to find funds from other sources, including a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Assisting Greece was tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those harsh conditions were subjected to a popular referendum, an action which threw the EU into deeper existential crisis.
Even though the referendum was won decisively by voters who opposed the cuts, Tsipras had little option but to ignore the result and agree to a rescue deal with creditors that proved to be even harsher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who drew media attention, who appeared on the covers of magazines globally … it seemed he relished his new role.”
When the minister proposed a contingency plan that included establishing a parallel currency and distributing coupons to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras asserts that his former ally had proved himself “unfit for an agreement that required intricate and delicate handling.”
Tsipras further wrote that Varoufakis's confrontational style left him more and more alone with colleagues, put Greece at risk, while helped hawks who were pushing for Grexit.
The retelling of history has been met with anger along with shock among certain groups, while the former minister has so far kept a deafening silence on the matter.
