In a recently unveiled autobiography, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he reflects on that turbulent era of Greece's financial crisis.
A Controversial Appointment
In the ex-PM's recollections, Tsipras appointed the maverick economist Yanis Varoufakis as the treasury head primarily due to his worldwide fame and his highly compelling skills as a speaker.
“In reality, he was, truthfully, more like a personality and less of an economist,” wrote the 51-year-old.
Clashing Agendas
The former leader suggests how Varoufakis possessed a personal agenda that involved advancing Varoufakis's publications as well as experimenting with his own economic models on Greece instead of truly fighting for its financial survival.
He noted how those talks to avoid insolvency became “not only a method of achieving a better deal for Greece. They were a test, an historic chance to prove the validity of Varoufakis's theories.”
High-Stakes Talks
Amid tense discussions, the country found itself perilously on the brink of leaving the single currency area.
On the line was both Greece's destiny but also the punishing austerity policies required in exchange for rescue loans from international creditors.
Unsuccessful Options
Efforts to find financing from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those punitive conditions were put to a public vote, an action that plunged the EU into a further crisis of identity.
Even though the vote was carried resoundingly by voters who opposed austerity, the prime minister had little option to reject its outcome then agree to a bailout package from creditors that turned out to be even harsher.
Final Straw
Tsipras claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of magazines globally … it seemed he relished his new role.”
When the minister proposed a backup strategy involving creating a secondary currency and issuing coupons to pensioners, Tsipras knew that it was game over questioning Varoufakis: “Is this for real?”
Lasting Criticism
Within the book, Tsipras asserts that his former ally demonstrated himself to be “unfit for an agreement that required complex and delicate management.”
Tsipras further wrote how Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, and assisted hawks that were advocating Grexit.
This account of events has provoked fury and shock in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
