Within his newly released memoir, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches as he revisits that chaotic era of Greece's debt drama.
A Controversial Choice
In Tsipras's version, Tsipras selected that maverick economist Yanis Varoufakis as the treasury head mainly because of the latter's international reputation along with his “extremely attractive” abilities as a communicator.
“In reality, he was, actually, more like a personality rather than an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader suggests that Varoufakis possessed his own agenda that involved promoting his publications and experimenting with his own theories on the nation instead of genuinely fighting for the country's financial survival.
He explained that those discussions to prevent bankruptcy became “not only a way of achieving improved terms for the country. They were a test, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid tense discussions, Greece came perilously close to exiting the single currency area.
On the line was both Greece's future but also the severe austerity measures required in return for rescue loans from international creditors.
Failed Alternatives
Efforts to find financing from other sources, such as a desperate plea to Russia to buy Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote and Reversal
That summer, those harsh bailout terms were put to a public vote, an action which threw Europe into further crisis of identity.
Although the referendum was won decisively by voters who opposed austerity, the prime minister had little option but to reject its outcome and negotiate a bailout package from creditors which turned out to be tougher.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the man who drew media attention, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”
After the minister outlined a backup strategy involving creating a secondary currency as well as issuing coupons to retirees, the leader said he realised it was game over and asked him: “Are you serious?”
Lasting Criticism
Within the memoir, Tsipras concludes that his former ally had proved himself to be “unfit for an agreement that required intricate and sensitive handling.”
He also claimed that Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, while helped hawks that were pushing for a Greek exit from the euro.
This account of events has provoked fury and shock among certain groups, whereas the former minister has maintained a conspicuous quiet regarding these claims.
