Within his freshly published autobiography, named Ithaki, the former prime minister Alexis Tsipras pulls no punches as he examines that chaotic period of Greece's financial crisis.
An Unconventional Choice
According to Tsipras's version, he selected the maverick economist Yanis Varoufakis to be the finance minister largely due to the latter's worldwide fame along with his “extremely attractive” abilities as a communicator.
“In reality, he was, in reality, more of a celebrity rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras alleges that Varoufakis had a personal agenda that included promoting Varoufakis's publications and experimenting with his game theories using the nation rather than genuinely advocating its financial survival.
He explained how those negotiations to prevent insolvency became “not just a way to secure improved terms for Greece. They became an experiment, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
Critical Talks
During tense discussions, the country found itself perilously on the brink of exiting the eurozone.
On the line was not only the country's future but also those punishing austerity measures demanded in return for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to secure funds from other sources, including a desperate plea to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece would be equivalent to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, those excoriating bailout terms were put to a public vote, an action that plunged Europe into deeper existential crisis.
Even though the referendum was carried resoundingly by voters against austerity, the prime minister had little option to reject its outcome and negotiate a bailout package from creditors which turned out to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who drew media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a contingency plan that included establishing a secondary currency and issuing vouchers to retirees, the leader knew it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras concludes how Varoufakis had proved himself to be “unsuitable for a deal that required intricate and delicate handling.”
Tsipras further claimed that Varoufakis's confrontational style left him more and more alone with colleagues, endangered the country, and helped hawks who were pushing for Grexit.
The retelling of events has been met with fury along with stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence on the matter.
