Within his recently unveiled personal account, called Ithaki, the former prime minister Alexis Tsipras does not hold back as he reflects on that chaotic era of Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's version, Tsipras chose that maverick economist Yanis Varoufakis to be his finance minister primarily due to his global profile and his “extremely attractive” abilities as a speaker.
“He was, truthfully, more like a star and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras claims how his finance chief possessed his own motives which included promoting Varoufakis's publications as well as testing out his economic models using Greece instead of truly fighting for its financial survival.
Tsipras noted that the negotiations to prevent insolvency were “not just a method to secure improved terms for the country. They became an experiment, a monumental chance to demonstrate the truth of his economic theories.”
Critical Negotiations
During rollercoaster discussions, the country found itself perilously on the brink of leaving the eurozone.
At stake was not only the country's destiny and those punishing austerity policies required in exchange for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to find financing from other sources, such as an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Referendum and Reversal
In July 2015, those punitive bailout terms were subjected to a public vote, a move that threw Europe into a deeper existential crisis.
Even though the vote was won resoundingly by those who opposed austerity, Tsipras had little option but to ignore the result then agree to a bailout package with foreign lenders which turned out to be more severe.
Final Straw
The ex-PM revealed how he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the man who drew media attention, who graced the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy involving establishing a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was the end and asked him: “Can you be serious?”
Enduring Rebuke
Within the book, the author asserts how his former ally had proved himself to be “unfit for an agreement demanding intricate and delicate management.”
He also claimed that Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, while helped hardliners that were advocating Grexit.
This account of events has been met with fury and shock among certain groups, whereas the former minister has so far kept a deafening silence regarding these claims.
