In a recently unveiled memoir, titled Ithaki, the ex- leader Tsipras spares no criticism as he revisits the turbulent era of Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's account, he appointed that unorthodox economist Yanis Varoufakis to be the treasury head primarily because of his international reputation along with Varoufakis's “extremely attractive” abilities as a communicator.
“He was, truthfully, more of a celebrity rather than an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras alleges how his finance chief possessed his own motives which involved advancing his books and experimenting with his own game theories using the nation rather than genuinely advocating its economic stability.
Tsipras explained how those talks to stave off insolvency became “not only a way of achieving a better deal for Greece. They became an experiment, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
At stake lay both the country's future and those severe austerity policies demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to secure funds elsewhere, such as an urgent plea to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Referendum and Reversal
That summer, the punitive bailout terms were subjected to a public vote, an action that plunged Europe into deeper 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 tougher.
Breaking Point
Tsipras revealed that he started questioning his finance minister quite early on.
“He was the face of negotiation, the figure who drew media attention, who graced the covers of magazines the world over … it seemed he relished the spotlight.”
After the minister proposed a backup strategy involving establishing a secondary currency and distributing coupons to retirees, Tsipras said he realised that it was the end questioning him: “Is this for real?”
Enduring Rebuke
In the book, the author concludes that his former ally demonstrated himself “unsuitable for a deal demanding intricate and delicate handling.”
He further wrote how his confrontational approach made him increasingly isolated among peers, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
This retelling of events has been met with anger along with stunned disbelief in some quarters, while the former minister has kept a deafening silence on the matter.
