In a recently unveiled personal account, called Ithaki, the former prime minister Tsipras spares no criticism while he revisits that chaotic era of Greece's debt drama.
An Unconventional Appointment
As per Tsipras's recollections, he chose the maverick academic Yanis Varoufakis to be his finance minister primarily because of his worldwide fame and Varoufakis's very persuasive skills as a communicator.
“He was, in reality, more like a personality rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras alleges how his finance chief possessed a personal motives that included promoting Varoufakis's publications as well as testing out his own theories using Greece instead of truly advocating the country's economic stability.
Tsipras explained that those discussions to stave off insolvency became “not only a way of achieving a better deal for Greece. They became a test, a monumental opportunity to prove the truth of Varoufakis's theories.”
Critical Talks
Amid volatile negotiations, the country came perilously close to leaving the single currency area.
At stake lay not only Greece's destiny and the harsh austerity policies required in return for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to secure financing from other sources, such as a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and Reversal
In July 2015, the excoriating bailout terms were subjected to a popular referendum, a move which plunged the EU into deeper crisis of identity.
Even though the referendum was carried resoundingly by those who opposed the cuts, Tsipras had little option to ignore the result and agree to a bailout package with creditors that turned out to be tougher.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the figure who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
When the minister proposed a backup strategy involving establishing a parallel currency and issuing coupons to pensioners, the leader said he realised it was game over and asked him: “Is this for real?”
Lasting Criticism
Within the book, Tsipras asserts how his former ally demonstrated himself to be “unfit for a deal demanding intricate and sensitive handling.”
Tsipras also claimed that his aggressive approach made him increasingly isolated among peers, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
The account of history has provoked fury and stunned disbelief among certain groups, while Varoufakis has kept a deafening silence on the matter.