In a recently unveiled personal account, called Ithaki, the ex- prime minister Tsipras spares no criticism as he revisits the turbulent period of Greece's debt drama.
An Unconventional Choice
According to Tsipras's account, he chose the maverick economist Yanis Varoufakis to be his finance minister largely due to his worldwide fame along with Varoufakis's very persuasive abilities as a public orator.
“In reality, he was, in reality, more of a personality rather than an economist,” wrote Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis possessed his own agenda that included promoting Varoufakis's books as well as testing out his theories on Greece instead of truly advocating its financial survival.
Tsipras explained how those discussions to avoid bankruptcy became “not only a way to secure a better deal for Greece. They were an experiment, a monumental chance to prove the validity of his ideas.”
High-Stakes Talks
Amid tense negotiations, the country came perilously close to leaving the single currency area.
On the line lay both Greece's destiny and those severe austerity policies demanded in return for bailout funds by foreign lenders.
Failed Alternatives
Efforts to find financing from other sources, including an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those punitive conditions were put to a popular referendum, an action that plunged the EU into deeper existential crisis.
Even though the referendum was carried resoundingly by those against austerity, Tsipras was forced to reject its outcome then agree to a rescue deal with creditors that turned out to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a secondary currency and distributing coupons to retirees, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, the author asserts that Varoufakis had proved himself “unsuitable for a deal that required complex and delicate handling.”
He further wrote that his aggressive style made him more and more alone with colleagues, endangered the country, and assisted hawks who were advocating Grexit.
This account of history has provoked fury along with stunned disbelief in some quarters, while the former minister has so far maintained a deafening silence regarding these claims.
