Within his newly released memoir, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism while he reflects on the turbulent era during Greece's financial crisis.
An Unconventional Appointment
In Tsipras's account, he appointed the maverick academic Yanis Varoufakis to be the finance minister mainly because of the latter's worldwide fame along with Varoufakis's “extremely attractive” skills as a public orator.
“He was, in reality, more of a celebrity and less of an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras claims that Varoufakis had his own agenda that included advancing Varoufakis's books as well as experimenting with his own economic models using the nation instead of truly advocating the country's financial survival.
He explained how those talks to stave off bankruptcy became “not just a method of achieving a better deal for Greece. They became an experiment, an historic opportunity to prove the truth of his economic theories.”
Critical Negotiations
Amid tense discussions, Greece found itself perilously on the brink of leaving the eurozone.
On the line was both the country's destiny but also those severe austerity measures required in return for financial aid by foreign lenders.
Unsuccessful Options
Attempts to secure financing elsewhere, including an urgent appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting Greece would be tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and Reversal
That summer, the harsh conditions were put to a popular referendum, a move that plunged the EU into further existential crisis.
Even though the vote was won decisively by voters who opposed the cuts, the prime minister had little option to ignore the result and agree to a bailout package with creditors that turned out to be tougher.
Breaking Point
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the face of negotiation, the figure who attracted publicity, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy that included creating a secondary currency as well as issuing coupons to retirees, Tsipras said he realised it was game over questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes that his former ally had proved himself to be “unfit for an agreement demanding intricate and sensitive handling.”
Tsipras also claimed how his aggressive style made him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were pushing for a Greek exit from the euro.
The account of events has been met with fury and stunned disbelief among certain groups, while Varoufakis has maintained a conspicuous quiet regarding these claims.