In a freshly published autobiography, titled Ithaki, the former leader Alexis Tsipras pulls no punches while he reflects on that chaotic era of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's version, he selected the maverick academic Yanis Varoufakis to be the treasury head mainly due to his global profile along with his highly compelling skills as a public orator.
“He was, in reality, more of a personality rather than an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader suggests how his finance chief possessed a personal motives that involved promoting Varoufakis's books as well as experimenting with his game theories using Greece instead of truly fighting for the country's economic stability.
He explained that those talks to stave off bankruptcy were “not just a way to secure improved terms for Greece. They became an experiment, an historic chance to demonstrate the truth of his ideas.”
Critical Talks
During tense negotiations, Greece found itself perilously on the brink of leaving the single currency area.
On the line lay both Greece's future and the severe austerity measures required in exchange for financial aid from foreign lenders.
Failed Options
Efforts to secure financing from other sources, such as a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece was tantamount to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, those harsh bailout terms were subjected to a popular referendum, a move that plunged the EU into a deeper crisis of identity.
Although the referendum was won decisively by voters against the cuts, the prime minister had little option to ignore the result then negotiate a bailout package from creditors that proved to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the man who attracted publicity, who graced the front pages of magazines globally … it seemed he relished the spotlight.”
After Varoufakis proposed a contingency plan that included establishing a secondary currency and distributing coupons to pensioners, Tsipras said he realised it was the end questioning him: “Can you be serious?”
Enduring Rebuke
Within the memoir, Tsipras concludes how his former ally demonstrated himself “unfit for an agreement demanding intricate and sensitive handling.”
He also claimed that Varoufakis's confrontational approach made him more and more alone with colleagues, put Greece at risk, and assisted hardliners who were advocating Grexit.
This retelling of history has been met with fury and stunned disbelief in some quarters, whereas the former minister has maintained a conspicuous quiet regarding these claims.
