Within his recently unveiled autobiography, called Ithaki, the former prime minister Alexis Tsipras does not hold back while he examines the turbulent period of Greece's debt drama.
A Controversial Appointment
In Tsipras's version, he appointed that maverick academic Yanis Varoufakis as the finance minister primarily because of his international reputation and Varoufakis's very persuasive abilities when it came to public orator.
“In reality, he was, truthfully, more of a personality and less of an economist,” stated the 51-year-old.
Clashing Agendas
The former leader suggests that Varoufakis had his own motives which included advancing Varoufakis's books as well as testing out his own game theories on Greece instead of truly advocating its financial survival.
Tsipras noted how the discussions to prevent insolvency became “not only a method to secure improved terms for Greece. They became an experiment, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country came dangerously close to exiting the eurozone.
At stake lay not only Greece's future and those harsh austerity policies required in exchange for rescue loans from international creditors.
Unsuccessful Alternatives
Attempts to find financing elsewhere, including a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, those harsh bailout terms were put to a popular referendum, a move that plunged Europe into further existential crisis.
Although the referendum was carried decisively by voters who opposed austerity, the prime minister had little option but to ignore the result then negotiate a bailout package from creditors that turned out to be more severe.
Final Straw
Tsipras revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the covers of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a contingency plan that included creating a parallel currency and issuing vouchers to pensioners, the leader said he realised that it was game over and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras concludes how his former ally demonstrated himself “unfit for an agreement demanding complex and delicate management.”
He also wrote how Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
The account of events has provoked fury and stunned disbelief among certain groups, whereas the former minister has kept a deafening silence regarding these claims.
