In a recently unveiled personal account, called Ithaki, the ex- leader Alexis Tsipras spares no criticism as he examines that turbulent period during Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's recollections, Tsipras appointed the maverick economist Yanis Varoufakis as his treasury head mainly because of the latter's global profile and Varoufakis's “extremely attractive” abilities as a speaker.
“He was, in reality, more of a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
The former leader suggests that Varoufakis had his own agenda that involved advancing his publications as well as experimenting with his economic models using Greece rather than genuinely advocating its economic stability.
Tsipras explained that the negotiations to prevent insolvency were “not only a method to secure improved terms for Greece. They became a test, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
During tense negotiations, the country found itself dangerously on the brink of exiting the eurozone.
At stake lay both the country's destiny and the severe austerity measures required in return for rescue loans from foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, such as a desperate plea to Russia to purchase Greek bonds, were rejected.
Helping Greece would be tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, those excoriating bailout terms were put to a public vote, an action which threw the EU into further crisis of identity.
Even though the vote was won resoundingly by voters against austerity, the prime minister had little option to ignore the result and agree to a bailout package with creditors which turned out to be tougher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who drew publicity, who graced the front pages of publications the world over … he gave the impression he relished his new role.”
After the minister outlined a backup strategy involving creating a secondary currency and distributing coupons to pensioners, the leader knew that it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
Within the book, Tsipras concludes that his former ally had proved himself to be “unfit for an agreement that required intricate and sensitive management.”
Tsipras also claimed how Varoufakis's confrontational approach made him increasingly isolated with colleagues, endangered the country, and helped hawks who were advocating Grexit.
This account of events has provoked fury and stunned disbelief among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
