Within his recently unveiled personal account, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he examines the chaotic period during Greece's debt drama.
A Controversial Appointment
In the ex-PM's version, he appointed that maverick economist Yanis Varoufakis to be his finance minister mainly because of the latter's worldwide fame along with Varoufakis's highly compelling skills when it came to public orator.
“In reality, he was, actually, more like a star rather than an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader suggests how his finance chief possessed a personal agenda which involved advancing Varoufakis's publications and testing out his own theories using the nation instead of truly advocating the country's financial survival.
He wrote how those discussions to stave off bankruptcy became “not only a way of achieving a better deal for Greece. They were a test, an historic opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Talks
Amid tense discussions, the country came perilously close to exiting the single currency area.
On the line lay not only Greece's destiny and those harsh austerity policies required in exchange for rescue loans from international creditors.
Failed Options
Attempts to find financing from other sources, such as a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting Greece was tantamount to tossing cash into the garbage, Putin is reputed to have told Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, those excoriating bailout terms were put to a public vote, a move which plunged the EU into further crisis of identity.
Even though the vote was carried decisively by voters against the cuts, the prime minister had little option but to reject its outcome then agree to a bailout package from creditors which proved to be more severe.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“He was the face of the talks, the figure who attracted publicity, who appeared on the covers of magazines globally … it seemed he relished the spotlight.”
After Varoufakis outlined a contingency plan involving creating a parallel currency and issuing vouchers to pensioners, the leader said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, the author concludes that Varoufakis had proved himself “unsuitable for a deal demanding intricate and delicate management.”
He further claimed how his confrontational style left him increasingly isolated with colleagues, endangered the country, and assisted hardliners who were advocating a Greek exit from the euro.
The account of events has been met with anger and stunned disbelief among certain groups, whereas the former minister has kept a conspicuous quiet regarding these claims.
