Within his newly released memoir, titled Ithaki, the former leader Tsipras spares no criticism as he examines that turbulent era of Greece's debt drama.
An Unconventional Appointment
As per Tsipras's account, he chose that unorthodox economist Yanis Varoufakis as the finance minister largely because of the latter's global profile and his highly compelling skills when it came to speaker.
“He was, in reality, more like a celebrity and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader suggests that his finance chief possessed his own motives that involved advancing Varoufakis's books and testing out his theories on the nation rather than truly advocating its financial survival.
Tsipras explained that those talks to stave off insolvency were “not just a method of achieving improved terms for the country. They were an experiment, an historic opportunity to demonstrate the validity of his theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself dangerously close to leaving the single currency area.
On the line lay both the country's future but also the harsh cutbacks required in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to find financing elsewhere, including an urgent plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, those harsh bailout terms were subjected to a popular referendum, an action which plunged the EU into further crisis of identity.
Even though the referendum was won resoundingly by those against austerity, the prime minister was forced but to ignore the result and agree to a bailout package from creditors which turned out to be even harsher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the figure who attracted media attention, who appeared on the front pages of magazines globally … he gave the impression he relished the spotlight.”
After Varoufakis outlined a backup strategy involving creating a secondary currency and issuing vouchers to retirees, the leader knew that it was the end questioning him: “Is this for real?”
Enduring Criticism
Within the memoir, the author concludes that Varoufakis demonstrated himself “unfit for a deal that required intricate and delicate handling.”
He also claimed how his confrontational style left him more and more alone with colleagues, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
The retelling of events has been met with fury along with shock in some quarters, whereas Varoufakis has kept a deafening silence on the matter.