Within his recently unveiled personal account, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches while he examines the turbulent period of Greece's economic turmoil.
A Controversial Choice
In Tsipras's recollections, he chose that unorthodox economist Yanis Varoufakis to be his finance minister largely because of the latter's international reputation along with Varoufakis's “extremely attractive” abilities as a public orator.
“He was, truthfully, more like a personality rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
Tsipras suggests how Varoufakis had his own agenda that involved advancing his publications as well as testing out his theories on Greece instead of genuinely advocating the country's financial survival.
Tsipras explained that the talks to prevent insolvency became “not just a method to secure a better deal for Greece. They were a test, an historic opportunity to prove the validity of his economic theories.”
High-Stakes Negotiations
During tense discussions, Greece found itself perilously close to leaving the single currency area.
On the line was both Greece's future and those punishing cutbacks required in return for financial aid from international creditors.
Failed Options
Attempts to find funds from other sources, including an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, the harsh bailout terms were subjected to a public vote, an action that threw the EU into a deeper crisis of identity.
Although the referendum was carried resoundingly by voters who opposed austerity, the prime minister was forced to reject its outcome then negotiate a rescue deal with foreign lenders that proved to be tougher.
Final Straw
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who graced the covers of publications globally … it seemed he was enjoying his new role.”
After Varoufakis proposed a contingency plan involving establishing a parallel currency and issuing coupons to retirees, Tsipras said he realised that it was game over questioning him: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author asserts that his former ally had proved himself to be “unsuitable for an agreement that required complex and delicate handling.”
He further claimed how his aggressive approach made him more and more alone with colleagues, put Greece at risk, while helped hardliners that were advocating a Greek exit from the euro.
This retelling of events has been met with fury and shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet regarding these claims.
