In a freshly published autobiography, called Ithaki, the former prime minister Alexis Tsipras spares no criticism as he examines that chaotic era during Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's account, he selected the unorthodox economist Yanis Varoufakis as his treasury head primarily because of the latter's worldwide fame and Varoufakis's highly compelling abilities when it came to public orator.
“In reality, he was, actually, more of a star rather than an economist,” stated the 51-year-old.
Conflicting Priorities
Tsipras claims how his finance chief had a personal agenda that included advancing his books as well as experimenting with his economic models on the nation rather than truly advocating its economic stability.
He noted that the discussions to avoid bankruptcy became “not only a method to secure improved terms for Greece. They were a test, a monumental chance to prove the validity of Varoufakis's theories.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece came dangerously on the brink of leaving the single currency area.
At stake was both Greece's destiny but also the punishing austerity policies required in exchange for financial aid by international creditors.
Unsuccessful Options
Efforts to find financing elsewhere, including a desperate appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, those punitive conditions were put to a public vote, an action which threw Europe into a further crisis of identity.
Although the referendum was carried decisively by those against the cuts, Tsipras had little option to reject its outcome and negotiate a bailout package from foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the face of the talks, the man who attracted publicity, who graced the front pages of publications the world over … he gave the impression he relished the spotlight.”
After the minister outlined a contingency plan that included establishing a parallel currency as well as issuing vouchers to retirees, Tsipras knew that it was the end questioning him: “Is this for real?”
Enduring Rebuke
Within the memoir, Tsipras asserts that Varoufakis had proved himself “unsuitable for an agreement that required complex and delicate management.”
He further wrote that Varoufakis's confrontational approach made him more and more alone with colleagues, endangered the country, and helped hawks who were pushing for a Greek exit from the euro.
The retelling of events has provoked anger and shock in some quarters, while Varoufakis has so far kept a deafening silence on the matter.