Within his newly released personal account, called Ithaki, the former prime minister Tsipras pulls no punches as he reflects on that chaotic era of Greece's financial crisis.
An Unconventional Choice
According to Tsipras's version, Tsipras chose that maverick economist Yanis Varoufakis as the treasury head largely due to the latter's worldwide fame along with Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims how Varoufakis had his own motives which involved advancing Varoufakis's books as well as experimenting with his theories using the nation rather than genuinely advocating the country's financial survival.
Tsipras noted how the negotiations to prevent bankruptcy became “not just a way of achieving a better deal for the country. They were a test, an historic chance to prove the validity of his theories.”
Critical Talks
Amid rollercoaster discussions, Greece came perilously on the brink of exiting the eurozone.
On the line was both Greece's destiny and those severe cutbacks demanded in exchange for rescue loans from international creditors.
Failed Options
Efforts to secure financing elsewhere, such as an urgent plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be equivalent to tossing cash into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, the harsh conditions were subjected to a public vote, a move that plunged Europe into a further existential crisis.
Even though the vote was carried decisively by voters against austerity, Tsipras had little option but to ignore the result then agree to a rescue deal from creditors that turned out to be tougher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the man who attracted publicity, who appeared on the front pages of publications globally … it seemed he relished his new role.”
When Varoufakis outlined a contingency plan that included establishing a secondary currency as well as issuing coupons to retirees, Tsipras said he realised that it was the end and asked him: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes that Varoufakis had proved himself “unfit for an agreement that required complex and delicate management.”
He further wrote how Varoufakis's aggressive style made him increasingly isolated among peers, put Greece at risk, and assisted hardliners that were pushing for a Greek exit from the euro.
This account of history has been met with anger and stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
