Within his recently unveiled personal account, called Ithaki, the former prime minister Tsipras spares no criticism while he reflects on the turbulent period during Greece's debt drama.
A Controversial Appointment
In Tsipras's recollections, he chose the maverick academic Yanis Varoufakis to be his finance minister mainly due to his worldwide fame and his highly compelling abilities as a public orator.
“He was, in reality, more of a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges how Varoufakis possessed his own motives which included promoting his publications and experimenting with his own economic models on Greece rather than truly fighting for the country's economic stability.
He explained that the talks to avoid insolvency were “not just a way to secure a better deal for Greece. They were a test, an historic opportunity to prove the truth of his ideas.”
High-Stakes Negotiations
Amid volatile negotiations, Greece came perilously close to leaving the single currency area.
At stake was not only the country's future and the harsh cutbacks demanded in exchange for financial aid from foreign lenders.
Failed Options
Efforts to secure funds elsewhere, including an urgent plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping Greece was equivalent to throwing money in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh conditions were put to a public vote, an action that plunged the EU into a further existential crisis.
Even though the referendum was carried resoundingly by those who opposed the cuts, Tsipras had little option to reject its outcome then agree to a rescue deal with creditors that proved to be more severe.
Breaking Point
Tsipras claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy that included creating a secondary currency and distributing coupons to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Are you serious?”
Enduring Criticism
In the book, Tsipras asserts how his former ally demonstrated himself “unsuitable for an agreement that required complex and delicate management.”
Tsipras further claimed that his aggressive style left him increasingly isolated with colleagues, endangered the country, and assisted hardliners who were pushing for a Greek exit from the euro.
This account of events has been met with anger along with shock among certain groups, whereas the former minister has maintained a deafening silence regarding these claims.
