Within his recently unveiled memoir, called Ithaki, the former prime minister Alexis Tsipras does not hold back as he examines that chaotic period of Greece's economic turmoil.
A Controversial Appointment
In Tsipras's version, he appointed that maverick academic Yanis Varoufakis to be the treasury head largely because of his international reputation along with Varoufakis's highly compelling skills as a communicator.
“He was, in reality, more of a personality rather than an economist,” stated the 51-year-old.
Clashing Agendas
The former leader alleges that his finance chief possessed a personal agenda which involved promoting his publications and experimenting with his game theories using the nation instead of truly advocating its financial survival.
He explained that the discussions to stave off insolvency were “not just a way of achieving improved terms for the country. They became an experiment, a monumental chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece came dangerously close to exiting the eurozone.
At stake was both Greece's future and the harsh austerity measures demanded in exchange for financial aid from foreign lenders.
Failed Options
Efforts to secure funds elsewhere, including an urgent appeal to the Kremlin to purchase Greek government bonds, were rejected.
Assisting Greece was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, the harsh conditions were put to a public vote, an action which plunged Europe into a deeper existential crisis.
Although the referendum was won resoundingly by those who opposed austerity, the prime minister had little option to ignore the result then negotiate a rescue deal from foreign lenders that proved to be more severe.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the public image of the talks, the figure who drew media attention, who graced the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
When the minister proposed a contingency plan involving creating a secondary currency as well as distributing vouchers to pensioners, Tsipras knew it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, the author asserts how Varoufakis demonstrated himself to be “unsuitable for a deal demanding complex and delicate management.”
He also claimed how his aggressive approach made him increasingly isolated among peers, endangered the country, and assisted hardliners that were pushing for Grexit.
This account of events has been met with fury and stunned disbelief in some quarters, while Varoufakis has so far kept a deafening silence on the matter.
