In a freshly published personal account, named Ithaki, the ex- leader Tsipras spares no criticism as he revisits that turbulent period of Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's account, he selected the maverick economist Yanis Varoufakis to be the treasury head largely because of his global profile along with his “extremely attractive” skills as a speaker.
“In reality, he was, truthfully, more of a celebrity rather than an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader alleges how his finance chief had a personal agenda which included advancing his publications and testing out his theories using Greece rather than truly fighting for the country's financial survival.
He noted that those negotiations to stave off bankruptcy became “not only a method to secure a better deal for the country. They became a test, a monumental chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
Amid volatile discussions, the country came perilously on the brink of exiting the eurozone.
On the line was both the country's destiny and those punishing austerity measures required in exchange for bailout funds by foreign lenders.
Failed Options
Efforts to find financing elsewhere, including a desperate plea to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, those harsh conditions were subjected to a public vote, a move that threw the EU into a deeper existential crisis.
Even though the vote was won resoundingly by voters against the cuts, the prime minister was forced to ignore the result then negotiate a bailout package from foreign lenders which turned out to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of publications globally … he gave the impression he was enjoying his new role.”
When the minister proposed a backup strategy that included creating a parallel currency as well as issuing coupons to pensioners, the leader said he realised it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the memoir, the author asserts that Varoufakis demonstrated himself to be “unfit for a deal demanding complex and sensitive management.”
He further wrote that his confrontational style made him increasingly isolated with colleagues, endangered the country, while assisted hawks who were advocating Grexit.
The account of history has been met with fury along with shock among certain groups, while the former minister has maintained a deafening silence regarding these claims.
