Within his recently unveiled personal account, called Ithaki, the former premier Tsipras spares no criticism while he examines that turbulent era during Greece's economic turmoil.
A Controversial Appointment
According to the ex-PM's recollections, Tsipras chose that maverick economist Yanis Varoufakis to be his treasury head largely because of the latter's global profile along with Varoufakis's highly compelling abilities as a speaker.
“In reality, he was, in reality, more like a celebrity and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
The former leader suggests that his finance chief possessed his own motives that included advancing his books as well as testing out his own economic models using Greece rather than genuinely fighting for its financial survival.
Tsipras explained how those negotiations to stave off insolvency were “not just a way to secure a better deal for Greece. They became an experiment, a monumental opportunity to prove the truth of his ideas.”
Critical Negotiations
Amid tense negotiations, Greece found itself perilously close to exiting the eurozone.
On the line was not only Greece's destiny but also the harsh cutbacks required in return for rescue loans from foreign lenders.
Unsuccessful Options
Attempts to secure funds from other sources, including a desperate plea to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country was equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the punitive bailout terms were subjected to a popular referendum, a move which threw the EU into deeper crisis of identity.
Although the referendum was carried resoundingly by voters against austerity, the prime minister was forced to ignore the result then negotiate a bailout package from creditors that proved to be tougher.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the front pages of magazines globally … he gave the impression he relished his new role.”
When the minister proposed a backup strategy that included establishing a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised it was the end questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, the author concludes how his former ally demonstrated himself “unfit for a deal demanding complex and delicate handling.”
Tsipras also claimed how his confrontational style left him more and more alone with colleagues, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
The retelling of events has been met with anger and stunned disbelief in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
