In a newly released autobiography, named Ithaki, the former premier Alexis Tsipras does not hold back as he reflects on that turbulent period during Greece's financial crisis.
A Controversial Choice
As per the ex-PM's version, he selected that unorthodox academic Yanis Varoufakis as his treasury head largely due to his worldwide fame along with Varoufakis's very persuasive skills as a speaker.
“He was, actually, more of a star and less of an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader suggests how Varoufakis possessed his own agenda which included advancing his books and testing out his own game theories using Greece rather than genuinely fighting for its financial survival.
Tsipras explained how the discussions to avoid bankruptcy became “not just a way to secure a better deal for Greece. They were a test, a monumental chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense discussions, Greece found itself perilously close to exiting the eurozone.
On the line was both the country's destiny but also those severe cutbacks demanded in return for financial aid from foreign lenders.
Failed Alternatives
Attempts to secure funds elsewhere, including an urgent appeal to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the harsh bailout terms were put to a public vote, an action which plunged Europe into a deeper existential crisis.
Although the referendum was won resoundingly by those against austerity, Tsipras was forced to ignore the result and negotiate a bailout package from foreign lenders which proved to be even harsher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who drew publicity, who appeared on the covers of publications globally … he gave the impression he relished the spotlight.”
After Varoufakis proposed a contingency plan that included creating a secondary currency and distributing vouchers to pensioners, Tsipras said he realised it was the end questioning him: “Can you be serious?”
Enduring Criticism
Within the memoir, the author concludes how his former ally demonstrated himself to be “unfit for an agreement demanding intricate and delicate handling.”
He further wrote that his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
This retelling of history has provoked fury and shock among certain groups, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
