Within his recently unveiled memoir, titled Ithaki, the ex- leader Alexis Tsipras does not hold back as he revisits that turbulent era of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's recollections, he selected the maverick economist Yanis Varoufakis to be the finance minister primarily because of his worldwide fame along with Varoufakis's very persuasive abilities as a public orator.
“In reality, he was, actually, more of a personality rather than an economist,” wrote the 51-year-old.
Clashing Agendas
Tsipras alleges how Varoufakis had his own motives which included promoting his publications and testing out his economic models using Greece rather than genuinely fighting for its economic stability.
Tsipras wrote that those discussions to avoid bankruptcy were “not only a method to secure a better deal for the country. They were a test, an historic opportunity to prove the truth of Varoufakis's economic theories.”
Critical Negotiations
During rollercoaster discussions, Greece came dangerously on the brink of leaving the single currency area.
At stake was both Greece's future but also the harsh cutbacks demanded in return for financial aid from foreign lenders.
Unsuccessful Options
Efforts to secure funds from other sources, including an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those punitive bailout terms were subjected to a public vote, an action that plunged Europe into further existential crisis.
Even though the referendum was won decisively by those who opposed austerity, Tsipras was forced to ignore the result and negotiate a bailout package with creditors that proved to be tougher.
Final Straw
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the man who drew publicity, who graced the covers of publications globally … it seemed he relished his new role.”
When the minister proposed a contingency plan that included creating a parallel currency and issuing coupons to pensioners, Tsipras said he realised that it was game over and asked him: “Are you serious?”
Lasting Rebuke
In the memoir, the author concludes that his former ally demonstrated himself to be “unfit for an agreement demanding intricate and sensitive management.”
Tsipras further claimed how his confrontational style left him more and more alone with colleagues, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
The account of history has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.
