Within his recently unveiled personal account, titled Ithaki, the former prime minister Tsipras pulls no punches while he reflects on that chaotic era of Greece's debt drama.
An Unconventional Choice
As per the ex-PM's version, he appointed that unorthodox economist Yanis Varoufakis to be his finance minister largely because of his global profile along with his very persuasive skills as a speaker.
“He was, in reality, more like a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader suggests that his finance chief possessed his own agenda which included advancing Varoufakis's books as well as testing out his own economic models on Greece instead of truly advocating the country's financial survival.
Tsipras wrote how the discussions to prevent bankruptcy became “not only a way of achieving improved terms for the country. They were an experiment, an historic chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile discussions, the country came dangerously close to leaving the single currency area.
At stake was both Greece's destiny and the punishing austerity measures demanded in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Referendum and U-Turn
That summer, the punitive conditions were subjected to a public vote, an action that plunged Europe into a deeper crisis of identity.
Although the vote was carried decisively by those who opposed austerity, the prime minister had little option to ignore the result then negotiate a rescue deal with creditors that turned out to be even harsher.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who graced the covers of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a backup strategy that included creating a secondary currency as well as distributing vouchers to retirees, the leader knew it was game over and asked him: “Can you be serious?”
Lasting Rebuke
In the memoir, the author asserts that his former ally had proved himself “unfit for a deal that required intricate and delicate handling.”
Tsipras further wrote how Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, and helped hawks that were advocating a Greek exit from the euro.
This account of history has been met with anger along with stunned disbelief in some quarters, while Varoufakis has so far kept a deafening silence on the matter.