In a freshly published personal account, titled Ithaki, the former leader Tsipras pulls no punches while he revisits the chaotic era of Greece's financial crisis.
An Unconventional Choice
According to Tsipras's recollections, Tsipras chose the unorthodox academic Yanis Varoufakis as his treasury head mainly due to his worldwide fame along with Varoufakis's highly compelling abilities as a speaker.
“He was, actually, more like a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras suggests that his finance chief had his own agenda which involved promoting his books and experimenting with his own theories using Greece rather than genuinely advocating the country's economic stability.
He noted that the discussions to stave off insolvency were “not just a way to secure improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself perilously on the brink of leaving the eurozone.
On the line was not only the country's destiny but also the severe cutbacks required in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those excoriating bailout terms were put to a popular referendum, a move which plunged Europe into deeper crisis of identity.
Even though the referendum was won resoundingly by those who opposed the cuts, Tsipras was forced to ignore the result and negotiate a rescue deal from creditors that proved to be tougher.
Breaking Point
Tsipras claimed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who drew media attention, who appeared on the front pages of publications the world over … he gave the impression he was enjoying his new role.”
When the minister proposed a contingency plan involving establishing a parallel currency and issuing vouchers to pensioners, Tsipras said he realised it was game over questioning him: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unfit for a deal that required intricate and delicate management.”
Tsipras further claimed that Varoufakis's aggressive style made him increasingly isolated among peers, endangered the country, while helped hardliners that were advocating a Greek exit from the euro.
This retelling of events has been met with anger and stunned disbelief among certain groups, whereas the former minister has maintained a deafening silence on the matter.
