In a freshly published memoir, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches while he reflects on the turbulent era of Greece's debt drama.
A Controversial Appointment
As per Tsipras's account, he appointed the unorthodox economist Yanis Varoufakis as his finance minister primarily due to his global profile along with Varoufakis's highly compelling skills as a speaker.
“He was, in reality, more of a personality and less of an economist,” stated the 51-year-old.
Clashing Agendas
Tsipras suggests that Varoufakis possessed a personal agenda which included promoting Varoufakis's publications and experimenting with his own theories using Greece instead of truly advocating the country's economic stability.
Tsipras noted that those talks to avoid insolvency were “not only a method of achieving improved terms for Greece. They were a test, an historic opportunity to demonstrate the truth of his theories.”
High-Stakes Negotiations
During rollercoaster discussions, the country came dangerously close to leaving the eurozone.
On the line lay not only Greece's destiny and the punishing austerity measures demanded in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to find financing from other sources, including an urgent appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, the punitive bailout terms were put to a public vote, a move that threw the EU into a deeper crisis of identity.
Although the vote was won resoundingly by voters against austerity, Tsipras was forced but to ignore the result then negotiate a rescue deal from foreign lenders that turned out to be tougher.
Final Straw
The ex-PM revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew media attention, who graced the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
After the minister outlined a contingency plan that included creating a parallel currency as well as distributing vouchers to retirees, Tsipras knew it was the end and asked him: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for a deal demanding complex and delicate handling.”
He further claimed that Varoufakis's aggressive approach left him increasingly isolated among peers, put Greece at risk, and helped hawks that were pushing for Grexit.
This account of history has provoked anger along with stunned disbelief in some quarters, whereas Varoufakis has maintained a deafening silence on the matter.