Within his recently unveiled memoir, named Ithaki, the former premier Alexis Tsipras does not hold back while he reflects on that turbulent period of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's recollections, he chose the maverick academic Yanis Varoufakis to be the treasury head mainly due to the latter's international reputation and his “extremely attractive” skills as a speaker.
“In reality, he was, in reality, more like a star and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims how his finance chief possessed his own motives which included advancing his publications and experimenting with his economic models using Greece instead of genuinely fighting for the country's financial survival.
He noted that the discussions to avoid bankruptcy were “not just a method of achieving improved terms for the country. They became an experiment, a monumental opportunity to prove the truth of his economic theories.”
Critical Talks
During tense negotiations, the country found itself dangerously close to exiting the eurozone.
On the line lay not only Greece's destiny and those punishing cutbacks required in exchange for financial aid from international creditors.
Unsuccessful Options
Attempts to secure financing elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those punitive conditions were put to a public vote, a move which plunged the EU into further existential crisis.
Although the referendum was won decisively by voters against the cuts, the prime minister had little option but to ignore the result then agree to a rescue deal with creditors that turned out to be more severe.
Breaking Point
Tsipras claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy that included establishing a parallel currency as well as distributing coupons to pensioners, Tsipras said he realised it was game over and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, the author concludes that his former ally had proved himself “unfit for an agreement demanding intricate and delicate handling.”
He further claimed how his aggressive approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were pushing for Grexit.
The retelling of history has provoked fury along with stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence regarding these claims.
