In a freshly published autobiography, titled Ithaki, the former prime minister Tsipras does not hold back as he reflects on that chaotic era during Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's account, Tsipras selected that unorthodox economist Yanis Varoufakis to be the treasury head mainly due to his global profile and Varoufakis's very persuasive abilities as a speaker.
“In reality, he was, actually, more like a personality rather than an economic expert,” recalled Tsipras.
Clashing Priorities
The former leader suggests how his finance chief had a personal motives which involved promoting his books and experimenting with his theories using the nation rather than truly advocating its financial survival.
He wrote that those discussions to stave off insolvency were “not only a way to secure improved terms for the country. They became an experiment, an historic opportunity to prove the truth of his ideas.”
High-Stakes Negotiations
Amid volatile negotiations, Greece came perilously close to leaving the eurozone.
At stake lay both Greece's future but also those harsh austerity measures required in return for bailout funds from foreign lenders.
Unsuccessful Alternatives
Efforts to find financing elsewhere, such as a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece would be equivalent to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and Reversal
That summer, the excoriating conditions were put to a public vote, an action that threw the EU into further existential crisis.
Even though the vote was won resoundingly by voters who opposed austerity, Tsipras had little option but to ignore the result and negotiate a rescue deal with creditors which proved to be tougher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who attracted media attention, who graced the front pages of publications globally … it seemed he relished his new role.”
After the minister outlined a backup strategy involving creating a secondary currency as well as issuing vouchers to pensioners, the leader said he realised that it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how his former ally had proved himself “unfit for a deal that required intricate and sensitive management.”
Tsipras further claimed that Varoufakis's confrontational style left him increasingly isolated with colleagues, endangered the country, and helped hawks who were advocating a Greek exit from the euro.
The account of events has provoked anger along with stunned disbelief among certain groups, whereas the former minister has maintained a conspicuous quiet on the matter.
