Within his recently unveiled personal account, named Ithaki, the former prime minister Alexis Tsipras spares no criticism while he examines that turbulent era of Greece's debt drama.
A Controversial Appointment
According to the ex-PM's version, he selected that maverick economist Yanis Varoufakis to be the treasury head largely due to his international reputation along with his highly compelling skills when it came to communicator.
“In reality, he was, truthfully, more of a star rather than an economist,” wrote Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis had a personal agenda which involved promoting Varoufakis's books and testing out his own economic models using the nation instead of genuinely advocating the country's financial survival.
He noted that the negotiations to prevent bankruptcy became “not only a way to secure improved terms for the country. They were a test, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid tense discussions, Greece found itself perilously on the brink of leaving the eurozone.
At stake lay not only Greece's future and the harsh austerity policies required in return for rescue loans from international creditors.
Unsuccessful Options
Attempts to find funds from other sources, including a desperate appeal to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, the excoriating bailout terms were put to a public vote, an action which plunged Europe into a further existential crisis.
Although the referendum was carried decisively by voters against austerity, Tsipras was forced but to reject its outcome and negotiate a rescue deal with foreign lenders which proved to be tougher.
Final Straw
Tsipras revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he relished his new role.”
After the minister outlined a contingency plan involving establishing a secondary currency and issuing vouchers to pensioners, the leader said he realised it was game over questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras asserts how his former ally demonstrated himself to be “unfit for a deal that required intricate and sensitive management.”
He also claimed how his aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were pushing for Grexit.
This account of history has been met with fury and stunned disbelief in some quarters, while the former minister has so far maintained a conspicuous quiet on the matter.