In a newly released memoir, called Ithaki, the former leader Tsipras does not hold back while he reflects on that turbulent period during Greece's debt drama.
An Unconventional Choice
As per Tsipras's recollections, he selected the unorthodox academic Yanis Varoufakis as his finance minister primarily due to his global profile and Varoufakis's very persuasive skills when it came to public orator.
“In reality, he was, in reality, more of a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief possessed his own agenda that included promoting Varoufakis's publications and testing out his own economic models using Greece rather than truly advocating the country's economic stability.
He noted that those discussions to prevent insolvency were “not just a method of achieving improved terms for Greece. They became an experiment, an historic chance to demonstrate the validity of his economic theories.”
Critical Negotiations
During rollercoaster discussions, Greece came dangerously on the brink of leaving the single currency area.
On the line was both the country's destiny and those punishing austerity measures demanded in exchange for rescue loans from international creditors.
Failed Options
Efforts to find funds elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, the punitive conditions were put to a public vote, an action which plunged the EU into a deeper crisis of identity.
Although the vote was won decisively by those against austerity, Tsipras was forced but to ignore the result then agree to a bailout package from creditors which turned out to be tougher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the man who drew publicity, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
After the minister proposed a backup strategy that included creating a parallel currency and distributing vouchers to retirees, the leader knew it was game over questioning him: “Can you be serious?”
Lasting Criticism
Within the book, the author asserts that his former ally demonstrated himself to be “unfit for a deal demanding complex and delicate handling.”
He further claimed how his aggressive approach made him more and more alone with colleagues, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.
The retelling of events has provoked fury and shock among certain groups, while the former minister has kept a conspicuous quiet on the matter.