Within his newly released memoir, called Ithaki, the ex- leader Alexis Tsipras pulls no punches while he reflects on that turbulent period of Greece's debt drama.
An Unconventional Choice
As per the ex-PM's account, he appointed that maverick academic Yanis Varoufakis as the finance minister mainly because of the latter's worldwide fame and his “extremely attractive” skills when it came to communicator.
“In reality, he was, truthfully, more like a personality rather than an economic expert,” recalled the 51-year-old.
Clashing Agendas
The former leader suggests how his finance chief possessed his own agenda which included advancing his books as well as experimenting with his own economic models using Greece rather than truly fighting for its financial survival.
He wrote how those talks to stave off bankruptcy were “not only a way of achieving improved terms for Greece. They were a test, a monumental opportunity to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
During tense discussions, the country came perilously close to leaving the eurozone.
On the line lay not only the country's destiny and the punishing cutbacks demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to find funds elsewhere, including an urgent plea to Russia to buy Greek bonds, were rejected.
Assisting Greece would be tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, the punitive bailout terms were put to a public vote, a move which plunged Europe into further existential crisis.
Although the vote was carried resoundingly by those against austerity, the prime minister was forced to reject its outcome then agree to a rescue deal from creditors that proved to be tougher.
Breaking Point
The ex-PM claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When the minister outlined a contingency plan involving establishing a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised that it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, the author concludes that his former ally demonstrated himself “unfit for a deal demanding complex and delicate management.”
Tsipras further claimed that Varoufakis's aggressive style left him increasingly isolated among peers, endangered the country, while assisted hardliners who were advocating Grexit.
The account of events has been met with fury along with shock in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
