Within his freshly published memoir, titled Ithaki, the ex- premier Tsipras spares no criticism as he examines the chaotic period during Greece's debt drama.
A Controversial Appointment
According to Tsipras's version, Tsipras chose that maverick academic Yanis Varoufakis to be his finance minister primarily because of his international reputation and his “extremely attractive” abilities as a speaker.
“He was, in reality, more of a personality rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader claims that his finance chief had a personal agenda that included promoting Varoufakis's books and experimenting with his own theories on Greece rather than genuinely advocating its financial survival.
He explained how those talks to avoid insolvency became “not only a way to secure improved terms for Greece. They became an experiment, a monumental chance to prove the validity of his theories.”
High-Stakes Negotiations
Amid volatile negotiations, Greece found itself dangerously on the brink of exiting the eurozone.
At stake was not only the country's future but also those harsh cutbacks required in return for rescue loans by international creditors.
Unsuccessful Options
Efforts to secure financing elsewhere, such as a desperate plea to Russia to buy Greek bonds, went unanswered.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, the excoriating bailout terms were put to a public vote, a move which threw Europe into a deeper existential crisis.
Although the vote was carried resoundingly by voters who opposed the cuts, Tsipras was forced but to reject its outcome then agree to a rescue deal from foreign lenders which proved to be even harsher.
Final Straw
The ex-PM claimed that he started questioning his finance minister quite early on.
“He was the public image of the talks, the man who drew media attention, who graced the front pages of magazines globally … it seemed he relished his new role.”
After Varoufakis outlined a contingency plan that included creating a secondary currency and distributing coupons to pensioners, the leader knew that it was the end and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras asserts how his former ally had proved himself “unfit for a deal that required intricate and sensitive handling.”
Tsipras also claimed how his aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
The retelling of events has provoked fury and shock among certain groups, whereas Varoufakis has so far maintained a deafening silence regarding these claims.