Within his newly released personal account, called Ithaki, the ex- prime minister Tsipras does not hold back while he reflects on that chaotic period during Greece's debt drama.
A Controversial Choice
According to the ex-PM's version, Tsipras chose that maverick academic Yanis Varoufakis to be his treasury head primarily because of the latter's global profile and his very persuasive skills as a speaker.
“He was, actually, more like a personality rather than an economist,” wrote Tsipras.
Clashing Priorities
Tsipras alleges that Varoufakis possessed his own agenda which involved advancing Varoufakis's publications as well as experimenting with his economic models on Greece instead of truly fighting for the country's financial survival.
He wrote that those negotiations to avoid insolvency became “not just a method of achieving a better deal for Greece. They were a test, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
Amid volatile discussions, Greece came dangerously on the brink of exiting the single currency area.
At stake was not only Greece's future and those harsh austerity policies required in exchange for rescue loans by international creditors.
Failed Options
Attempts to secure funds elsewhere, including a desperate plea to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum and Reversal
That summer, the excoriating bailout terms were put to a popular referendum, a move that threw the EU into a further existential crisis.
Although the vote was carried resoundingly by voters who opposed the cuts, Tsipras had little option to ignore the result and negotiate a rescue deal from foreign lenders which turned out to be tougher.
Final Straw
The ex-PM revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who attracted media attention, who graced the covers of magazines globally … he gave the impression he relished his new role.”
When the minister proposed a backup strategy that included establishing a secondary currency as well as issuing vouchers to retirees, Tsipras knew that it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the book, Tsipras asserts how his former ally had proved himself “unfit for a deal demanding intricate and sensitive management.”
Tsipras also claimed that Varoufakis's aggressive approach left him more and more alone among peers, endangered the country, and assisted hardliners that were advocating a Greek exit from the euro.
The account of events has provoked anger and shock among certain groups, whereas Varoufakis has so far maintained a deafening silence on the matter.
