In a recently unveiled personal account, called Ithaki, the former premier Alexis Tsipras pulls no punches while he examines that chaotic period of Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's account, Tsipras selected that maverick economist Yanis Varoufakis as his finance minister primarily because of the latter's international reputation along with his highly compelling skills as a communicator.
“He was, actually, more like a star and less of an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader claims how his finance chief possessed his own agenda which included promoting his books and experimenting with his own economic models on the nation rather than truly fighting for its financial survival.
Tsipras wrote that those discussions to stave off insolvency became “not just a way of achieving a better deal for Greece. They were an experiment, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
Critical Talks
Amid rollercoaster discussions, the country found itself perilously on the brink of exiting the single currency area.
At stake lay both Greece's destiny and those harsh cutbacks demanded in exchange for financial aid from foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, including an urgent appeal to Russia to buy Greek government bonds, were rejected.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, the harsh conditions were put to a public vote, a move that threw Europe into a deeper crisis of identity.
Even though the referendum was won decisively by those against the cuts, Tsipras was forced to ignore the result and negotiate a rescue deal from creditors which proved to be tougher.
Final Straw
Tsipras claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who drew media attention, who graced the front pages of publications the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy involving creating a secondary currency as well as issuing vouchers to retirees, the leader said he realised it was game over questioning him: “Is this for real?”
Lasting Rebuke
Within the memoir, the author concludes how Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and sensitive management.”
Tsipras further claimed how Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, while helped hardliners who were advocating a Greek exit from the euro.
The account of events has been met with anger along with stunned disbelief among certain groups, whereas the former minister has kept a deafening silence on the matter.
