In a recently unveiled personal account, called Ithaki, the ex- prime minister Tsipras does not hold back while he revisits that turbulent period during Greece's economic turmoil.
A Controversial Choice
In the ex-PM's account, Tsipras selected that maverick academic Yanis Varoufakis to be the finance minister primarily because of his international reputation along with Varoufakis's very persuasive skills as a public orator.
“He was, truthfully, more of a celebrity and less of an economist,” wrote the 51-year-old.
Clashing Agendas
Tsipras claims that his finance chief possessed a personal agenda that included promoting Varoufakis's publications as well as testing out his theories using Greece rather than genuinely advocating its economic stability.
He noted that the discussions to avoid insolvency became “not only a method of achieving improved terms for Greece. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
Critical Talks
Amid volatile negotiations, Greece came dangerously close to leaving the single currency area.
At stake lay both the country's destiny but also those punishing austerity measures required in return for rescue loans by foreign lenders.
Failed Alternatives
Attempts to secure funds elsewhere, including an urgent appeal to Russia to buy Greek bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, the excoriating conditions were put to a public vote, an action which threw Europe into further existential crisis.
Although the referendum was won decisively by voters against austerity, Tsipras had little option but to reject its outcome then agree to a bailout package from creditors which proved to be more severe.
Breaking Point
Tsipras revealed that he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who attracted publicity, who graced the front pages of publications the world over … it seemed he was enjoying his new role.”
After the minister outlined a contingency plan that included establishing a parallel currency and issuing coupons to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the book, the author concludes how Varoufakis demonstrated himself to be “unfit for a deal that required complex and sensitive management.”
Tsipras also claimed that Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, and assisted hawks that were advocating Grexit.
The retelling of events has provoked fury along with shock in some quarters, while the former minister has so far kept a deafening silence on the matter.
