In a newly released memoir, named Ithaki, the former prime minister Tsipras spares no criticism as he revisits that turbulent era of Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's recollections, he selected the unorthodox economist Yanis Varoufakis as his finance minister largely due to the latter's worldwide fame and Varoufakis's “extremely attractive” skills as a communicator.
“He was, truthfully, more like a celebrity rather than an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras alleges how Varoufakis had his own agenda which included advancing Varoufakis's books and experimenting with his own game theories using the nation rather than genuinely advocating the country's financial survival.
Tsipras noted that those talks to avoid insolvency were “not just a way to secure improved terms for the country. They became a test, a monumental chance to prove the truth of Varoufakis's theories.”
Critical Talks
Amid volatile discussions, Greece came dangerously on the brink of leaving the eurozone.
At stake was not only the country's destiny and the punishing austerity measures required in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to secure financing from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Referendum and Reversal
That summer, those excoriating bailout terms were subjected to a public vote, a move which threw the EU into a further crisis of identity.
Although the vote was won resoundingly by voters against the cuts, Tsipras had little option but to ignore the result then agree to a bailout package from foreign lenders which turned out to be even harsher.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who drew media attention, who appeared on the covers of publications globally … he gave the impression he relished his new role.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency and issuing vouchers to pensioners, Tsipras said he realised it was the end and asked him: “Are you serious?”
Lasting Rebuke
Within the memoir, the author asserts that his former ally demonstrated himself “unsuitable for a deal demanding intricate and sensitive handling.”
He also claimed that his confrontational approach made him more and more alone among peers, put Greece at risk, while helped hardliners who were pushing for Grexit.
The retelling of events has been met with anger and shock among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.