Ten years ago today, the people of Greece voted decisively in a referendum to reject the austerity program that the European Union wanted to impose on them. Yet the Greek prime minister, Alexis Tsipras, soon accepted a deal that was even more punitive.

Yanis Varoufakis was the finance minister in the Syriza government until he resigned in protest at the agreement that Tsipras was prepared to sign after the referendum. He spoke to Jacobin about the rise and fall of the anti-austerity left in Greece, the devastating consequences of its failure for Greek society, and the wider malaise of the European Union after its ruinous handling of the Great Recession.

This is an edited transcript from Jacobin Radio’s Long Reads podcast. You can listen to the interview here.