Within his freshly published personal account, called Ithaki, the ex- prime minister Tsipras does not hold back as he reflects on the turbulent era during Greece's economic turmoil.
A Controversial Appointment
As per Tsipras's account, he selected that unorthodox academic Yanis Varoufakis to be the treasury head primarily because of his international reputation and Varoufakis's highly compelling abilities as a communicator.
“In reality, he was, truthfully, more like a star rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras suggests that his finance chief had his own motives that involved promoting his books as well as testing out his own theories using the nation rather than genuinely fighting for its economic stability.
He noted how those negotiations to stave off bankruptcy became “not only a way to secure improved terms for Greece. They became a test, an historic opportunity to demonstrate the validity of his theories.”
Critical Negotiations
Amid volatile discussions, Greece came perilously close to leaving the eurozone.
On the line was both the country's destiny and the severe cutbacks demanded in exchange for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to find funds from other sources, including an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece was equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote and U-Turn
That summer, the punitive bailout terms were subjected to a public vote, a move that threw Europe into deeper existential crisis.
Although the vote was carried decisively by those who opposed the cuts, the prime minister had little option to ignore the result then negotiate a rescue deal with creditors which turned out to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
After Varoufakis outlined a contingency plan that included creating a parallel currency as well as distributing coupons to retirees, the leader said he realised that it was game over questioning him: “Is this for real?”
Lasting Rebuke
Within the memoir, the author asserts that Varoufakis had proved himself “unsuitable for a deal that required intricate and sensitive management.”
Tsipras further wrote how his confrontational style left him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.
This retelling of history has provoked fury along with shock in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
