In a freshly published personal account, titled Ithaki, the former premier Tsipras pulls no punches as he revisits that chaotic period of Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's account, Tsipras chose the maverick economist Yanis Varoufakis as his finance minister mainly because of the latter's global profile and Varoufakis's “extremely attractive” abilities when it came to public orator.
“In reality, he was, in reality, more like a celebrity rather than an economic expert,” recalled the 51-year-old.
Clashing Priorities
The former leader alleges that Varoufakis possessed his own motives which involved advancing his publications and experimenting with his economic models on the nation rather than truly fighting for the country's economic stability.
Tsipras wrote how the talks to avoid insolvency became “not only a method to secure improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of his economic theories.”
Critical Talks
During tense negotiations, Greece found itself dangerously on the brink of exiting the eurozone.
At stake was not only the country's future and those harsh austerity policies required in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as a desperate appeal to Russia to buy Greek government 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 during their meeting.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were put to a public vote, an action which threw the EU into a further existential crisis.
Although the referendum was carried decisively by voters who opposed the cuts, Tsipras was forced but to ignore the result and agree to a rescue deal with foreign lenders which turned out to be more severe.
Final Straw
Tsipras revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who graced the covers of publications the world over … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a contingency plan involving creating a secondary currency and distributing coupons to pensioners, the leader said he realised it was the end questioning Varoufakis: “Is this for real?”
Lasting Criticism
In the memoir, Tsipras asserts how Varoufakis demonstrated himself “unsuitable for an agreement demanding complex and sensitive management.”
He also wrote that Varoufakis's aggressive approach made him more and more alone with colleagues, put Greece at risk, and helped hardliners that were pushing for a Greek exit from the euro.
The account of events has been met with anger and stunned disbelief in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.
