In a freshly published autobiography, titled Ithaki, the former prime minister Alexis Tsipras does not hold back as he reflects on the chaotic era during Greece's financial crisis.
A Controversial Choice
In Tsipras's account, Tsipras selected the maverick economist Yanis Varoufakis as his treasury head largely due to his global profile along with Varoufakis's very persuasive abilities as a communicator.
“In reality, he was, in reality, more like a celebrity rather than an economist,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests how his finance chief had his own agenda which involved advancing Varoufakis's books as well as testing out his theories using the nation instead of truly advocating the country's financial survival.
He wrote how those discussions to prevent insolvency were “not only a method to secure improved terms for the country. They became an experiment, an historic chance to demonstrate the truth of his theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece came perilously close to exiting the single currency area.
At stake lay both the country's future but also the harsh austerity measures required in return for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to throwing money in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those punitive conditions were put to a public vote, a move that plunged the EU into further existential crisis.
Although the vote was carried decisively by those who opposed the cuts, Tsipras had little option but to reject its outcome then agree to a rescue deal from creditors that turned out to be more severe.
Final Straw
Tsipras claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy involving establishing a parallel currency as well as issuing vouchers to pensioners, the leader knew that it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras asserts that Varoufakis had proved himself “unfit for a deal demanding intricate and delicate management.”
Tsipras also wrote how Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, while assisted hardliners that were pushing for Grexit.
The account of history has provoked anger along with stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet on the matter.
