In a recently unveiled personal account, called Ithaki, the former premier Tsipras pulls no punches while he reflects on that turbulent era of Greece's economic turmoil.
A Controversial Appointment
As per Tsipras's account, he appointed that maverick academic Yanis Varoufakis as his finance minister mainly due to the latter's worldwide fame and his very persuasive skills as a communicator.
“He was, actually, more like a star rather than an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras claims how his finance chief had a personal agenda which included advancing Varoufakis's books as well as experimenting with his own theories using Greece instead of genuinely advocating the country's financial survival.
Tsipras explained how the discussions to stave off bankruptcy were “not just a way to secure improved terms for the country. They were an experiment, a monumental chance to demonstrate the truth of his economic theories.”
Critical Negotiations
Amid tense negotiations, Greece found itself dangerously close to leaving the eurozone.
At stake was not only the country's future and the punishing austerity policies required in return for rescue loans by foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, including an urgent plea to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, the harsh conditions were subjected to a public vote, an action which threw the EU into a deeper existential crisis.
Even though the referendum was won decisively by voters against austerity, Tsipras had little option to reject its outcome then agree to a rescue deal from creditors that proved to be tougher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who drew media attention, who graced the covers of publications the world over … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy involving establishing a secondary currency as well as issuing vouchers to retirees, the leader knew it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the book, the author asserts how his former ally had proved himself “unfit for a deal demanding complex and delicate handling.”
He also claimed that his confrontational style made him increasingly isolated among peers, put Greece at risk, while helped hardliners that were pushing for Grexit.
The account of events has provoked anger and stunned disbelief in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
