In a recently unveiled memoir, titled Ithaki, the ex- premier Tsipras does not hold back while he revisits the turbulent era during Greece's debt drama.
An Unconventional Choice
In the ex-PM's recollections, Tsipras chose that unorthodox economist Yanis Varoufakis to be the treasury head primarily because of his international reputation and Varoufakis's highly compelling skills when it came to public orator.
“He was, in reality, more like a personality rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras alleges how his finance chief had a personal agenda which included advancing Varoufakis's publications as well as experimenting with his own game theories on Greece rather than truly advocating its financial survival.
He noted how those talks to stave off insolvency became “not only a method to secure improved terms for the country. They were a test, an historic chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid tense negotiations, Greece came dangerously on the brink of leaving the eurozone.
At stake was not only Greece's destiny but also the severe austerity policies required in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to find financing from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting Greece was tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, those harsh conditions were put to a popular referendum, a move that plunged Europe into deeper existential crisis.
Although the referendum was carried resoundingly by those against austerity, the prime minister had little option but to reject its outcome then negotiate a bailout package with foreign lenders that turned out to be tougher.
Final Straw
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the figure who drew media attention, who appeared on the front pages of publications the world over … it seemed he relished the spotlight.”
After the minister outlined a backup strategy that included establishing a parallel currency and issuing coupons to retirees, the leader said he realised that it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the book, the author concludes how his former ally demonstrated himself “unsuitable for a deal that required complex and delicate management.”
He further wrote that his confrontational style made him increasingly isolated among peers, put Greece at risk, and helped hardliners that were pushing for Grexit.
The retelling of events has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has maintained a conspicuous quiet on the matter.
