In a newly released autobiography, titled Ithaki, the ex- premier Tsipras does not hold back while he examines that turbulent era during Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's account, Tsipras selected the maverick economist Yanis Varoufakis as the treasury head largely due to his international reputation along with his very persuasive skills as a communicator.
“In reality, he was, in reality, more of a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader suggests that Varoufakis possessed a personal motives which involved promoting Varoufakis's publications and testing out his own theories on the nation rather than truly fighting for its economic stability.
He wrote how those discussions to avoid insolvency were “not just a way of achieving improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Negotiations
Amid tense discussions, the country came perilously on the brink of exiting the single currency area.
At stake lay not only Greece's destiny but also those severe austerity measures required in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote and Reversal
That summer, those harsh conditions were put to a popular referendum, a move that plunged the EU into a further crisis of identity.
Although the referendum was carried decisively by those who opposed the cuts, the prime minister was forced to reject its outcome then agree to a bailout package with creditors which turned out to be more severe.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who drew media attention, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as issuing vouchers to retirees, the leader said he realised that it was game over questioning him: “Are you serious?”
Enduring Rebuke
In the memoir, the author concludes that his former ally demonstrated himself to be “unsuitable for a deal that required complex and sensitive management.”
Tsipras further claimed that his confrontational style made him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners who were pushing for a Greek exit from the euro.
This account of history has provoked fury and shock in some quarters, while the former minister has maintained a deafening silence regarding these claims.