In a freshly published autobiography, named Ithaki, the former leader Alexis Tsipras spares no criticism while he reflects on that turbulent era of Greece's debt drama.
An Unconventional Choice
In the ex-PM's recollections, he selected that unorthodox academic Yanis Varoufakis as the treasury head primarily because of his international reputation along with Varoufakis's highly compelling skills when it came to public orator.
“He was, in reality, more like a star rather than an economist,” stated Tsipras.
Conflicting Agendas
Tsipras alleges how Varoufakis had his own agenda which involved advancing his publications and testing out his economic models using Greece rather than genuinely advocating its economic stability.
Tsipras wrote that the talks to prevent insolvency became “not only a method of achieving improved terms for Greece. They were an experiment, an historic opportunity to prove the validity of his economic theories.”
High-Stakes Talks
Amid tense discussions, the country found itself dangerously on the brink of leaving the eurozone.
On the line lay not only the country's future but also the severe austerity policies required in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to secure financing from other sources, such as a desperate appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action that threw the EU into a deeper existential crisis.
Even though the referendum was won decisively by voters who opposed austerity, the prime minister had little option to reject its outcome and negotiate a rescue deal with creditors which turned out to be tougher.
Breaking Point
Tsipras claimed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted publicity, who appeared on the front pages of magazines the world over … he gave the impression he relished his new role.”
After the minister proposed a contingency plan involving creating a parallel currency as well as issuing vouchers to pensioners, the leader knew that it was the end questioning him: “Can you be serious?”
Lasting Criticism
Within the book, the author concludes that his former ally demonstrated himself to be “unsuitable for a deal that required intricate and delicate handling.”
He also claimed that his confrontational approach left him increasingly isolated among peers, endangered the country, while helped hardliners that were advocating Grexit.
This retelling of events has provoked fury along with shock in some quarters, whereas the former minister has kept a deafening silence on the matter.