Within his freshly published personal account, called Ithaki, the former leader Alexis Tsipras pulls no punches while he examines the chaotic period during Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's version, he selected that unorthodox economist Yanis Varoufakis as the treasury head mainly due to the latter's worldwide fame along with his “extremely attractive” skills when it came to public orator.
“In reality, he was, truthfully, more like a personality and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader alleges how Varoufakis had his own agenda that involved advancing his books as well as testing out his own theories on the nation rather than truly fighting for the country's economic stability.
Tsipras wrote that the negotiations to stave off bankruptcy became “not just a method to secure a better deal for the country. They became an experiment, a monumental opportunity to prove the validity of his theories.”
Critical Talks
During tense negotiations, the country came perilously close to exiting the eurozone.
On the line was both the country's future and the severe austerity policies required in exchange for financial aid from foreign lenders.
Failed Alternatives
Attempts to find funds elsewhere, including a desperate appeal to Russia to buy Greek government bonds, were rejected.
Helping the indebted country was tantamount to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Public Vote and Reversal
That summer, those harsh bailout terms were subjected to a public vote, a move which threw the EU into a further existential crisis.
Even though the referendum was won decisively by voters who opposed the cuts, Tsipras had little option to reject its outcome and agree to a bailout package from foreign lenders which turned out to be even harsher.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he was enjoying his new role.”
After the minister outlined a backup strategy that included creating a parallel currency and issuing coupons to retirees, Tsipras knew it was the end questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras concludes how his former ally had proved himself to be “unsuitable for an agreement demanding complex and sensitive handling.”
He further wrote that Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, and helped hawks that were pushing for Grexit.
This account of events has been met with anger and shock in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.