In a freshly published autobiography, titled Ithaki, the ex- leader Tsipras pulls no punches while he revisits that chaotic period during Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's recollections, he selected that unorthodox academic Yanis Varoufakis as his finance minister mainly due to the latter's international reputation and his highly compelling skills as a communicator.
“In reality, he was, truthfully, more like a star rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras alleges how his finance chief had a personal motives that included promoting his publications and testing out his own theories on the nation rather than truly fighting for the country's economic stability.
He wrote that the negotiations to avoid insolvency became “not only a way of achieving a better deal for Greece. They became an experiment, a monumental chance to prove the validity of his ideas.”
High-Stakes Talks
Amid rollercoaster discussions, Greece found itself dangerously close to exiting the single currency area.
At stake was both the country's destiny but also the severe cutbacks demanded in return for rescue loans from international creditors.
Unsuccessful Options
Efforts to find financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, the excoriating bailout terms were put to a public vote, a move that plunged the EU into further existential crisis.
Even though the referendum was carried resoundingly by voters against the cuts, Tsipras had little option but to reject its outcome and agree to a rescue deal with creditors that proved to be more severe.
Final Straw
Tsipras claimed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the man who attracted media attention, who appeared on the front pages of publications globally … it seemed he relished his new role.”
When Varoufakis outlined a contingency plan that included establishing a secondary currency as well as issuing coupons to pensioners, Tsipras knew it was the end questioning him: “Can you be serious?”
Lasting Criticism
In the book, Tsipras asserts that his former ally demonstrated himself “unfit for an agreement that required complex and delicate management.”
Tsipras also claimed that Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, while assisted hawks that were pushing for a Greek exit from the euro.
The retelling of events has been met with fury and stunned disbelief among certain groups, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
