In a recently unveiled autobiography, titled Ithaki, the former prime minister Tsipras does not hold back as he revisits the turbulent era of Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's version, Tsipras selected that unorthodox academic Yanis Varoufakis as the finance minister mainly due to his international reputation along with his very persuasive abilities when it came to communicator.
“He was, actually, more of a celebrity rather than an economist,” recalled Tsipras.
Clashing Priorities
Tsipras alleges that Varoufakis possessed his own motives which involved advancing Varoufakis's publications and experimenting with his own economic models on Greece rather than truly fighting for its financial survival.
Tsipras noted that the negotiations to stave off insolvency were “not just a method to secure improved terms for Greece. They became an experiment, a monumental chance to prove the truth of his theories.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece came dangerously on the brink of leaving the single currency area.
On the line was both Greece's destiny and those severe cutbacks demanded in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, including a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the harsh bailout terms were put to a public vote, an action which plunged the EU into deeper crisis of identity.
Although the referendum was carried resoundingly by those who opposed the cuts, Tsipras had little option to ignore the result and negotiate a rescue deal with creditors which proved to be more severe.
Final Straw
The ex-PM revealed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included establishing a parallel currency as well as distributing vouchers to retirees, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, the author concludes that his former ally had proved himself “unsuitable for a deal that required intricate and delicate management.”
Tsipras further wrote how his confrontational approach made him more and more alone among peers, endangered the country, and assisted hardliners that were advocating Grexit.
This retelling of history has provoked fury along with shock among certain groups, whereas Varoufakis has kept a conspicuous quiet on the matter.
