Within his newly released personal account, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he examines that chaotic period of Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's version, he chose the maverick academic Yanis Varoufakis to be the finance minister primarily due to his global profile along with his highly compelling skills as a public orator.
“He was, actually, more of a celebrity rather than an economist,” stated Tsipras.
Clashing Agendas
The former leader alleges that Varoufakis possessed a personal agenda which included promoting Varoufakis's publications and testing out his game theories on Greece rather than truly advocating its economic stability.
He noted how the negotiations to avoid bankruptcy were “not just a way of achieving improved terms for Greece. They were a test, a monumental chance to demonstrate the truth of his theories.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece found itself perilously close to leaving the eurozone.
On the line was not only the country's future and those severe austerity policies required in exchange for financial aid from foreign lenders.
Failed Alternatives
Attempts to secure funds elsewhere, such as a desperate appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece was equivalent to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, the excoriating conditions were subjected to a public vote, an action which threw Europe into a further crisis of identity.
Although the referendum was won resoundingly by voters who opposed austerity, Tsipras had little option but to reject its outcome and agree to a rescue deal with creditors that proved to be more severe.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who appeared on the front pages of publications globally … it seemed he relished his new role.”
After the minister proposed a contingency plan involving establishing a parallel currency as well as issuing vouchers to pensioners, Tsipras knew it was the end and asked him: “Can you be serious?”
Enduring Criticism
In the book, the author asserts that Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and sensitive handling.”
He also wrote that his confrontational approach made him more and more alone among peers, endangered the country, and helped hawks who were advocating a Greek exit from the euro.
The retelling of history has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
