In a newly released personal account, titled Ithaki, the ex- leader Tsipras spares no criticism as he reflects on that chaotic era during Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's version, he selected the maverick economist Yanis Varoufakis to be the treasury head primarily because of his international reputation along with his very persuasive abilities when it came to public orator.
“He was, in reality, more like a celebrity and less of an economist,” wrote Tsipras.
Clashing Agendas
The former leader claims that Varoufakis had his own motives that involved advancing Varoufakis's publications and testing out his theories on Greece rather than truly advocating the country's financial survival.
He noted how the negotiations to prevent bankruptcy were “not just a way to secure improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of his ideas.”
High-Stakes Negotiations
Amid volatile negotiations, the country came perilously on the brink of leaving the eurozone.
On the line lay both the country's future but also the harsh austerity measures required in return for bailout funds from international creditors.
Failed Options
Attempts to secure funds elsewhere, including a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, those excoriating conditions were subjected to a public vote, an action which plunged Europe into deeper existential crisis.
Even though the vote was won resoundingly by those who opposed the cuts, the prime minister was forced but to ignore the result and negotiate a rescue deal from 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 face of the talks, the figure who attracted media attention, who appeared on the front pages of publications globally … it seemed he relished the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a parallel currency and distributing coupons to retirees, Tsipras said he realised that it was the end questioning him: “Can you be serious?”
Enduring Criticism
In the book, Tsipras asserts that Varoufakis had proved himself to be “unfit for an agreement that required complex and sensitive management.”
He further wrote that Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were pushing for a Greek exit from the euro.
The account of history has provoked fury along with shock among certain groups, while the former minister has so far kept a conspicuous quiet on the matter.
