Within his freshly published autobiography, titled Ithaki, the ex- leader Tsipras does not hold back as he revisits that turbulent period of Greece's debt drama.
A Controversial Choice
In Tsipras's version, he chose that maverick academic Yanis Varoufakis as the treasury head primarily due to the latter's worldwide fame along with his “extremely attractive” abilities as a public orator.
“He was, in reality, more of a personality and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader alleges that his finance chief had a personal motives which included advancing his publications as well as testing out his economic models using the nation instead of truly advocating its economic stability.
Tsipras noted how those talks to stave off insolvency became “not just a way to secure a better deal for the country. They became a test, a monumental opportunity to prove the validity of Varoufakis's ideas.”
Critical Negotiations
Amid rollercoaster negotiations, the country found itself perilously on the brink of exiting the single currency area.
On the line lay both Greece's destiny but also those punishing austerity policies required in exchange for rescue loans by foreign lenders.
Failed Alternatives
Efforts to secure financing from other sources, such as a desperate appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the punitive conditions were put to a popular referendum, an action that plunged the EU into further existential crisis.
Although the vote was won resoundingly by those against austerity, Tsipras had little option to reject its outcome and negotiate a bailout package with foreign lenders which turned out to be tougher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who appeared on the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
When the minister proposed a contingency plan that included establishing a parallel currency as well as distributing coupons to retirees, the leader knew it was game over and asked him: “Is this for real?”
Enduring Criticism
In the book, the author concludes how Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and sensitive management.”
He also wrote that Varoufakis's aggressive approach made him more and more alone with colleagues, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
The account of history has provoked fury and shock in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.
