In a recently unveiled memoir, named Ithaki, the former prime minister Alexis Tsipras spares no criticism as he revisits the turbulent era of Greece's debt drama.
A Controversial Appointment
As per the ex-PM's version, Tsipras selected that unorthodox economist Yanis Varoufakis as the treasury head mainly due to the latter's international reputation and Varoufakis's very persuasive abilities when it came to public orator.
“In reality, he was, truthfully, more like a star and less of an economic expert,” recalled the 51-year-old.
Clashing Priorities
The former leader claims that his finance chief possessed his own motives that included advancing Varoufakis's publications and experimenting with his own game theories using Greece rather than genuinely fighting for the country's financial survival.
He noted that the discussions to avoid bankruptcy were “not just a method of achieving a better deal for Greece. They became a test, a monumental opportunity to demonstrate the truth of his ideas.”
High-Stakes Talks
Amid tense negotiations, the country came dangerously close to leaving the eurozone.
At stake was both the country's destiny but also those punishing austerity policies demanded in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to find financing elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those harsh bailout terms were put to a popular referendum, a move that threw the EU into further existential crisis.
Even though the referendum was won decisively by voters who opposed austerity, the prime minister had little option but to ignore the result then negotiate a bailout package with creditors that proved to be even harsher.
Breaking Point
Tsipras claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who drew publicity, who appeared on the front pages of publications globally … it seemed he relished the spotlight.”
After the minister outlined a contingency plan involving creating a secondary currency and issuing vouchers to retirees, the leader said he realised it was the end and asked Varoufakis: “Is this for real?”
Enduring Rebuke
Within the book, Tsipras asserts how Varoufakis had proved himself “unfit for a deal that required complex and delicate handling.”
He also wrote how his confrontational style made him increasingly isolated with colleagues, endangered the country, while helped hardliners that were pushing for Grexit.
The account of events has provoked fury and stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet regarding these claims.