In a recently unveiled personal account, named Ithaki, the former leader Tsipras does not hold back as he reflects on that chaotic era during Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's version, Tsipras selected that unorthodox economist Yanis Varoufakis to be his finance minister largely because of his worldwide fame and his “extremely attractive” abilities as a communicator.
“He was, actually, more like a celebrity and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief had his own agenda that included advancing his books as well as testing out his own theories on the nation rather than genuinely advocating the country's economic stability.
Tsipras noted that the talks to avoid bankruptcy were “not only a way to secure improved terms for Greece. They became a test, an historic chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country came dangerously close to leaving the single currency area.
On the line was not only the country's future but also those harsh austerity measures demanded in exchange for bailout funds from international creditors.
Failed Alternatives
Efforts to secure funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum and U-Turn
That summer, the harsh conditions were put to a popular referendum, a move which plunged Europe into a further existential crisis.
Although the referendum was won resoundingly by voters who opposed the cuts, the prime minister was forced to ignore the result and negotiate a rescue deal with creditors which turned out to be more severe.
Final Straw
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the man who attracted publicity, who appeared on the covers of publications globally … it seemed he relished the spotlight.”
When Varoufakis proposed a backup strategy that included creating a parallel currency and distributing vouchers to retirees, the leader said he realised it was game over questioning him: “Can you be serious?”
Lasting Criticism
Within the book, Tsipras asserts how Varoufakis demonstrated himself “unfit for an agreement that required complex and sensitive handling.”
He further wrote how his confrontational approach left him increasingly isolated among peers, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.
The account of history has provoked fury along with shock among certain groups, while the former minister has maintained a conspicuous quiet on the matter.
