In a newly released memoir, called Ithaki, the former prime minister Tsipras does not hold back as he revisits that chaotic period during Greece's financial crisis.
A Controversial Choice
In the ex-PM's version, he selected that maverick economist Yanis Varoufakis as his treasury head largely because of his global profile along with Varoufakis's very persuasive skills when it came to public orator.
“He was, truthfully, more like a star and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras claims that his finance chief possessed his own motives that involved advancing his books and experimenting with his own theories using Greece instead of truly fighting for its economic stability.
He explained that those negotiations to avoid bankruptcy were “not just a way of achieving improved terms for the country. They became a test, an historic opportunity to prove the validity of his economic theories.”
High-Stakes Negotiations
Amid tense discussions, Greece came perilously close to exiting the single currency area.
On the line lay both the country's destiny but also those punishing cutbacks required in return for bailout funds from foreign lenders.
Failed Options
Efforts to find financing elsewhere, such as a desperate plea to Russia to buy Greek bonds, went unanswered.
Helping Greece would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, the punitive conditions were subjected to a public vote, an action that plunged Europe into deeper crisis of identity.
Even though the referendum was carried resoundingly by those who opposed austerity, Tsipras was forced to ignore the result then agree to a bailout package with foreign lenders that proved to be tougher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister quite early on.
“He was the face of negotiation, the figure who drew publicity, who appeared on the front pages of publications the world over … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan that included creating a parallel currency and distributing coupons to pensioners, the leader knew it was the end and asked him: “Is this for real?”
Enduring Rebuke
In the book, Tsipras concludes that his former ally had proved himself to be “unfit for a deal demanding intricate and sensitive management.”
Tsipras further claimed how Varoufakis's confrontational style made him more and more alone among peers, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.
The retelling of events has been met with fury and stunned disbelief among certain groups, while the former minister has so far kept a deafening silence on the matter.
