In a recently unveiled personal account, called Ithaki, the former prime minister Tsipras does not hold back while he reflects on that turbulent period of Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's account, he selected the maverick economist Yanis Varoufakis as his treasury head primarily due to his worldwide fame along with his very persuasive abilities when it came to public orator.
“He was, in reality, more of a star rather than an economic expert,” wrote the 51-year-old.
Clashing Agendas
Tsipras claims how Varoufakis had a personal agenda which included promoting his publications as well as experimenting with his own theories on Greece instead of truly fighting for the country's financial survival.
Tsipras explained that the discussions to stave off insolvency were “not just a method to secure a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Talks
During tense discussions, Greece found itself dangerously on the brink of exiting the eurozone.
At stake lay both the country's destiny but also the harsh austerity measures demanded in return for bailout funds from foreign lenders.
Failed Alternatives
Efforts to secure funds elsewhere, including an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, the punitive bailout terms were subjected to a popular referendum, a move which threw Europe into deeper crisis of identity.
Although the vote was won resoundingly by voters against austerity, Tsipras had little option to reject its outcome then negotiate a bailout package from foreign lenders that turned out to be tougher.
Final Straw
Tsipras claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
After the minister outlined a backup strategy involving creating a secondary currency and distributing coupons to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Is this for real?”
Lasting Criticism
In the book, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and sensitive handling.”
Tsipras further wrote that Varoufakis's aggressive style made him more and more alone among peers, endangered the country, while assisted hawks who were advocating a Greek exit from the euro.
This retelling of events has provoked anger and shock in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.
