In a recently unveiled personal account, named Ithaki, the ex- leader Alexis Tsipras pulls no punches as he reflects on that chaotic period during Greece's financial crisis.
A Controversial Appointment
In the ex-PM's version, Tsipras appointed the unorthodox economist Yanis Varoufakis as the treasury head largely due to the latter's international reputation and Varoufakis's “extremely attractive” abilities as a speaker.
“He was, actually, more like a star and less of an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief had a personal agenda that included advancing his books as well as experimenting with his own game theories using the nation rather than genuinely fighting for its economic stability.
He explained that those negotiations to stave off insolvency were “not only a method to secure a better deal for Greece. They were an experiment, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During volatile discussions, the country came perilously on the brink of exiting the eurozone.
At stake lay not only the country's destiny and those harsh austerity measures demanded in exchange for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including an urgent appeal to Russia to buy Greek bonds, fell on stony ground.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a popular referendum, a move that threw Europe into a further crisis of identity.
Although the referendum was carried decisively by voters who opposed austerity, Tsipras had little option but to reject its outcome and negotiate a rescue deal with foreign lenders which proved to be more severe.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the figure who attracted media attention, who appeared on the covers of magazines globally … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency and distributing vouchers to retirees, Tsipras said he realised it was the end and asked him: “Are you serious?”
Enduring Criticism
In the book, the author concludes that Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and delicate management.”
He further claimed how his aggressive approach left him increasingly isolated among peers, put Greece at risk, while assisted hardliners who were advocating Grexit.
This account of events has been met with fury along with shock among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.
