Within his newly released personal account, titled Ithaki, the former leader Tsipras spares no criticism while he examines that turbulent period of Greece's financial crisis.
A Controversial Choice
According to Tsipras's version, he selected the maverick academic Yanis Varoufakis as the treasury head primarily due to the latter's global profile along with Varoufakis's very persuasive skills when it came to speaker.
“In reality, he was, actually, more of a celebrity and less of an economist,” recalled Tsipras.
Conflicting Agendas
The former leader suggests how his finance chief possessed a personal motives which involved advancing his publications and testing out his economic models using Greece instead of genuinely fighting for the country's economic stability.
Tsipras noted how those discussions to prevent bankruptcy became “not only a method to secure improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”
Critical Talks
During tense discussions, the country came perilously close to exiting the eurozone.
At stake was not only Greece's destiny and the harsh austerity measures demanded in exchange for financial aid from international creditors.
Unsuccessful Options
Efforts to find financing elsewhere, including an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a public vote, an action that plunged Europe into a deeper existential crisis.
Even though the vote was carried resoundingly by voters against austerity, Tsipras was forced to ignore the result then negotiate a bailout package with foreign lenders which proved to be more severe.
Final Straw
Tsipras revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who graced the covers of publications globally … he gave the impression he relished the spotlight.”
After the minister outlined a contingency plan involving establishing a secondary currency as well as issuing coupons to pensioners, Tsipras knew it was the end and asked him: “Is this for real?”
Enduring Rebuke
In the book, the author concludes that Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and delicate handling.”
Tsipras further claimed how Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, while assisted hawks who were advocating Grexit.
This account of events has provoked fury and shock among certain groups, while Varoufakis has maintained a deafening silence on the matter.
