In a recently unveiled memoir, called Ithaki, the former prime minister Tsipras spares no criticism as he reflects on that turbulent period during Greece's financial crisis.
A Controversial Appointment
In the ex-PM's version, Tsipras chose that unorthodox economist Yanis Varoufakis as the treasury head largely because of his global profile along with his highly compelling skills when it came to speaker.
“He was, in reality, more of a personality and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader alleges that his finance chief possessed a personal motives which involved promoting Varoufakis's publications as well as experimenting with his own economic models using the nation rather than truly advocating its economic stability.
Tsipras explained that the negotiations to avoid insolvency became “not only a way to secure a better deal for Greece. They were an experiment, a monumental opportunity to prove the truth of his ideas.”
High-Stakes Talks
During volatile discussions, Greece came dangerously on the brink of leaving the single currency area.
At stake lay both the country's future but also those harsh austerity measures demanded in exchange for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, such as a desperate appeal to Russia to buy Greek bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those harsh conditions were put to a popular referendum, a move that threw the EU into a deeper existential crisis.
Although the vote was won resoundingly by voters against the cuts, the prime minister had little option but to ignore the result and agree to a bailout package from foreign lenders which proved to be more severe.
Final Straw
Tsipras claimed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who attracted publicity, who graced the front pages of publications the world over … it seemed he relished his new role.”
After Varoufakis outlined a contingency plan that included creating a secondary currency and issuing coupons to pensioners, the leader said he realised it was game over questioning Varoufakis: “Is this for real?”
Lasting Criticism
Within the book, Tsipras asserts that Varoufakis had proved himself “unsuitable for an agreement that required intricate and sensitive handling.”
He also wrote how his aggressive approach left him increasingly isolated among peers, endangered the country, and helped hardliners that were pushing for Grexit.
This account of events has provoked fury along with stunned disbelief among certain groups, while Varoufakis has so far maintained a conspicuous quiet regarding these claims.
