Within his newly released autobiography, named Ithaki, the former leader Alexis Tsipras pulls no punches while he reflects on that chaotic period during Greece's financial crisis.
A Controversial Appointment
In Tsipras's recollections, Tsipras selected that unorthodox academic Yanis Varoufakis to be his treasury head primarily because of his worldwide fame along with Varoufakis's highly compelling abilities as a speaker.
“He was, actually, more like a personality rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras alleges that his finance chief possessed a personal agenda that included advancing Varoufakis's publications and experimenting with his theories using the nation instead of genuinely fighting for the country's economic stability.
Tsipras wrote that the negotiations to stave off bankruptcy became “not only a method to secure a better deal for the country. They were a test, a monumental opportunity to prove the truth of his economic theories.”
Critical Negotiations
Amid rollercoaster negotiations, Greece found itself dangerously close to exiting the eurozone.
At stake was both Greece's future and those punishing austerity policies required in return for financial aid from international creditors.
Failed Alternatives
Attempts to find financing elsewhere, such as an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote and Reversal
In July 2015, the excoriating bailout terms were subjected to a public vote, a move that plunged Europe into further crisis of identity.
Even though the vote was won decisively by those against the cuts, Tsipras had little option but to reject its outcome then negotiate a rescue deal from creditors which turned out to be more severe.
Final Straw
Tsipras claimed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the front pages of publications globally … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy involving establishing a secondary currency and distributing vouchers to pensioners, the leader said he realised that it was the end questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, the author asserts how his former ally had proved himself “unsuitable for a deal demanding intricate and delicate handling.”
Tsipras also claimed how his confrontational approach made him increasingly isolated among peers, endangered the country, while helped hawks who were advocating Grexit.
This account of history has been met with fury and stunned disbelief in some quarters, while Varoufakis has kept a deafening silence on the matter.