In a freshly published memoir, named Ithaki, the former premier Tsipras does not hold back as he revisits the chaotic period of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's recollections, he appointed that unorthodox academic Yanis Varoufakis to be his finance minister primarily because of the latter's worldwide fame and Varoufakis's very persuasive abilities as a communicator.
“In reality, he was, actually, more of a personality rather than an economist,” recalled Tsipras.
Conflicting Agendas
Tsipras alleges how his finance chief possessed his own motives which involved promoting his books as well as testing out his economic models using the nation instead of truly fighting for its economic stability.
He explained how those talks to prevent insolvency became “not only a method of achieving improved terms for the country. They were a test, a monumental opportunity to prove the truth of his economic theories.”
High-Stakes Talks
During tense negotiations, Greece found itself perilously on the brink of leaving the eurozone.
On the line was not only the country's destiny but also the punishing austerity measures demanded in exchange for financial aid from international creditors.
Failed Alternatives
Attempts to find funds from other sources, including an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece was tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, those harsh bailout terms were put to a popular referendum, a move that plunged the EU into further existential crisis.
Even though the referendum was won decisively by those who opposed austerity, Tsipras was forced but to ignore the result and agree to a rescue deal with creditors that proved to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he relished his new role.”
After the minister proposed a contingency plan involving creating a parallel currency and distributing vouchers to pensioners, Tsipras said he realised it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
In the book, Tsipras concludes how Varoufakis had proved himself to be “unfit for a deal demanding complex and delicate management.”
Tsipras also wrote that Varoufakis's confrontational style left him increasingly isolated with colleagues, endangered the country, while helped hawks who were advocating a Greek exit from the euro.
This retelling of events has been met with fury and stunned disbelief in some quarters, whereas the former minister has kept a deafening silence on the matter.
