Within his newly released memoir, called Ithaki, the ex- prime minister Tsipras spares no criticism as he revisits the chaotic period of Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's account, he chose that maverick economist Yanis Varoufakis to be his treasury head primarily because of the latter's international reputation and Varoufakis's very persuasive abilities as a speaker.
“He was, actually, more like a celebrity rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras claims how Varoufakis possessed his own motives that included promoting Varoufakis's books and experimenting with his theories using Greece rather than truly advocating the country's financial survival.
He noted that those talks to avoid bankruptcy were “not just a method to secure a better deal for Greece. They were an experiment, an historic chance to prove the validity of Varoufakis's ideas.”
Critical Negotiations
During tense discussions, the country came perilously on the brink of exiting the eurozone.
At stake was both Greece's future but also those harsh austerity policies demanded in exchange for rescue loans by international creditors.
Unsuccessful Options
Efforts to secure financing from other sources, including a desperate appeal to Russia to buy Greek government bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, those punitive bailout terms were put to a public vote, a move which threw Europe into deeper crisis of identity.
Although the referendum was won decisively by voters against the cuts, the prime minister had little option to ignore the result then agree to a rescue deal from foreign lenders that turned out to be tougher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
When the minister proposed a contingency plan involving establishing a parallel currency and issuing vouchers to pensioners, Tsipras knew it was game over questioning Varoufakis: “Is this for real?”
Enduring Rebuke
Within the book, Tsipras concludes how his former ally had proved himself to be “unsuitable for an agreement demanding intricate and delicate management.”
He further wrote how Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, and helped hawks who were advocating a Greek exit from the euro.
The account of history has provoked anger and shock among certain groups, whereas the former minister has kept a deafening silence on the matter.