Within his recently unveiled personal account, named Ithaki, the former premier Alexis Tsipras pulls no punches while he examines the chaotic era of Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's recollections, he chose that maverick economist Yanis Varoufakis to be his treasury head largely because of the latter's global profile along with Varoufakis's “extremely attractive” skills as a communicator.
“In reality, he was, actually, more like a personality and less of an economist,” stated the 51-year-old.
Clashing Priorities
Tsipras alleges that his finance chief possessed a personal motives which involved advancing Varoufakis's publications as well as testing out his economic models using the nation rather than genuinely fighting for the country's financial survival.
He wrote how those talks to avoid bankruptcy became “not just a method to secure a better deal for Greece. They became a test, an historic opportunity to prove the validity of Varoufakis's ideas.”
Critical Negotiations
Amid tense discussions, the country came dangerously close to leaving the eurozone.
At stake lay both the country's future but also those punishing austerity measures demanded in return for bailout funds from international creditors.
Failed Alternatives
Attempts to secure financing from other sources, such as an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Assisting Greece was tantamount to throwing money into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, the excoriating bailout terms were subjected to a public vote, an action which threw the EU into further existential crisis.
Although the referendum was won resoundingly by voters who opposed the cuts, the prime minister had little option but to reject its outcome then agree to a rescue deal from foreign lenders that proved to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“He was the face of the talks, the figure who attracted publicity, who graced the front pages of publications the world over … it seemed he relished his new role.”
After Varoufakis proposed a backup strategy involving establishing a secondary currency and issuing coupons to retirees, Tsipras knew it was the end and asked him: “Are you serious?”
Lasting Criticism
Within the book, Tsipras asserts how Varoufakis had proved himself to be “unsuitable for an agreement demanding complex and delicate management.”
He also wrote how Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, while helped hardliners that were pushing for Grexit.
This retelling of history has been met with anger and stunned disbelief among certain groups, while Varoufakis has maintained a conspicuous quiet regarding these claims.
