In a freshly published personal account, called Ithaki, the former leader Tsipras pulls no punches as he reflects on the turbulent era during Greece's debt drama.
A Controversial Appointment
As per Tsipras's recollections, he appointed that maverick economist Yanis Varoufakis to be his treasury head largely because of the latter's international reputation along with his very persuasive skills as a communicator.
“He was, actually, more of a personality rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
The former leader suggests that his finance chief possessed his own motives which involved advancing his publications as well as testing out his economic models using the nation instead of truly advocating the country's financial survival.
Tsipras wrote how the talks to stave off insolvency became “not just a method of achieving improved terms for Greece. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid volatile discussions, the country found itself dangerously on the brink of exiting the eurozone.
At stake lay not only Greece's future and the severe austerity measures required in return for bailout funds from foreign lenders.
Failed Alternatives
Efforts to find financing from other sources, such as an urgent appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, the harsh conditions were put to a public vote, a move which plunged the EU into a deeper existential crisis.
Although the referendum was carried resoundingly by those against austerity, the prime minister was forced but to ignore the result then agree to a bailout package from creditors that proved to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the covers of magazines globally … he gave the impression he relished his new role.”
When Varoufakis proposed a contingency plan that included establishing a secondary currency as well as distributing coupons to retirees, Tsipras said he realised it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, the author asserts how Varoufakis had proved himself to be “unsuitable for a deal that required complex and delicate handling.”
Tsipras also claimed how Varoufakis's confrontational style left him more and more alone among peers, endangered the country, and helped hawks that were pushing for a Greek exit from the euro.
This retelling of history has provoked fury along with stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet on the matter.
