Within his recently unveiled personal account, titled Ithaki, the former leader Alexis Tsipras does not hold back as he revisits that chaotic era of Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's recollections, Tsipras appointed the unorthodox academic Yanis Varoufakis as the treasury head largely because of his international reputation along with Varoufakis's highly compelling abilities as a speaker.
“He was, actually, more like a personality rather than an economist,” stated the 51-year-old.
Clashing Agendas
The former leader suggests that Varoufakis had his own motives that involved promoting Varoufakis's books as well as experimenting with his game theories on the nation instead of genuinely advocating the country's financial survival.
Tsipras noted how those talks to prevent insolvency became “not only a way to secure improved terms for the country. They became an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”
Critical Talks
Amid tense negotiations, the country found itself perilously close to exiting the single currency area.
At stake was both the country's destiny but also those harsh austerity policies required in return for financial aid from foreign lenders.
Failed Alternatives
Efforts to find financing from other sources, including an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote and Reversal
That summer, the harsh bailout terms were put to a popular referendum, a move that plunged Europe into deeper crisis of identity.
Although the vote was carried resoundingly by those against austerity, Tsipras had little option to ignore the result then negotiate a bailout package from foreign lenders that turned out to be even harsher.
Final Straw
The ex-PM claimed how he started questioning his finance minister relatively soon.
“He was the public image of the talks, the man who drew media attention, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
After the minister outlined a backup strategy that included establishing a parallel currency and issuing vouchers to pensioners, Tsipras knew that it was game over questioning him: “Are you serious?”
Lasting Rebuke
Within the memoir, the author concludes how Varoufakis had proved himself “unsuitable for an agreement that required complex and sensitive handling.”
Tsipras further wrote that Varoufakis's confrontational approach made him increasingly isolated with colleagues, endangered the country, while assisted hawks that were advocating Grexit.
This account of history has been met with anger and stunned disbelief among certain groups, whereas Varoufakis has kept a deafening silence on the matter.
