In a recently unveiled memoir, named Ithaki, the ex- prime minister Tsipras does not hold back while he examines that turbulent period of Greece's debt drama.
A Controversial Appointment
According to the ex-PM's account, Tsipras appointed that unorthodox economist Yanis Varoufakis as the treasury head mainly because of the latter's international reputation along with his “extremely attractive” abilities when it came to speaker.
“He was, in reality, more like a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras claims that Varoufakis had a personal agenda which involved promoting Varoufakis's books and experimenting with his own economic models using Greece rather than genuinely fighting for the country's economic stability.
Tsipras wrote how those talks to avoid insolvency became “not just a method of achieving a better deal for the country. They were a test, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
During tense discussions, the country found itself dangerously close to exiting the eurozone.
At stake lay both Greece's future and those severe cutbacks demanded in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece would be equivalent to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote and U-Turn
That summer, those punitive bailout terms were subjected to a public vote, an action that threw Europe into a deeper existential crisis.
Even though the referendum was carried decisively by those against austerity, Tsipras had little option but to ignore the result then agree to a bailout package with creditors that proved to be even harsher.
Final Straw
Tsipras revealed that he began to doubt his finance minister quite early on.
“He was the public image of the talks, the man who attracted publicity, who graced the covers of magazines the world over … he gave the impression he relished his new role.”
When the minister proposed a contingency plan that included creating a parallel currency and issuing vouchers to retirees, the leader said he realised that it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
In the memoir, the author concludes how Varoufakis had proved himself to be “unsuitable for a deal that required intricate and delicate handling.”
He also claimed that Varoufakis's confrontational style made him more and more alone among peers, endangered the country, while helped hardliners who were pushing for Grexit.
This retelling of events has provoked anger and shock among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
