Within his freshly published autobiography, called Ithaki, the ex- premier Tsipras does not hold back as he examines that chaotic era during Greece's debt drama.
A Controversial Choice
According to the ex-PM's account, he selected the maverick economist Yanis Varoufakis to be his finance minister primarily because of the latter's worldwide fame and Varoufakis's highly compelling skills when it came to speaker.
“In reality, he was, actually, more like a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras suggests how his finance chief possessed his own motives which included advancing Varoufakis's books as well as experimenting with his own theories using Greece rather than truly fighting for its economic stability.
Tsipras noted how those discussions to avoid insolvency became “not just a way of achieving a better deal for Greece. They became a test, a monumental chance to prove the truth of Varoufakis's economic theories.”
Critical Talks
During volatile negotiations, the country came perilously close to leaving the single currency area.
On the line was both the country's future and those harsh austerity measures required in exchange for financial aid by international creditors.
Failed Alternatives
Attempts to find financing elsewhere, such as an urgent appeal to Russia to buy Greek government bonds, were rejected.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have told Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, the excoriating bailout terms were subjected to a public vote, a move which threw the EU into deeper existential crisis.
Even though the referendum was carried resoundingly by voters who opposed the cuts, the prime minister was forced but to ignore the result then agree to a rescue deal from foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the face of the talks, the man who drew media attention, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy involving creating a parallel currency and issuing vouchers to pensioners, Tsipras said he realised that it was game over questioning him: “Are you serious?”
Lasting Rebuke
In the book, the author concludes how Varoufakis had proved himself “unsuitable for a deal demanding complex and delicate management.”
Tsipras also claimed that Varoufakis's aggressive approach made him more and more alone with colleagues, put Greece at risk, and assisted hawks who were pushing for Grexit.
This account of events has been met with anger along with shock in some quarters, while the former minister has maintained a deafening silence on the matter.
