Within his freshly published memoir, named Ithaki, the ex- premier Tsipras does not hold back while he revisits that turbulent period of Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's version, Tsipras selected the maverick economist Yanis Varoufakis as the finance minister largely due to his global profile and his highly compelling abilities as a communicator.
“He was, in reality, more of a star rather than an economist,” stated the 51-year-old.
Clashing Agendas
Tsipras suggests how Varoufakis possessed a personal motives that involved promoting his books as well as testing out his economic models using the nation rather than truly fighting for the country's economic stability.
Tsipras explained that those discussions to prevent insolvency became “not just a way to secure a better deal for the country. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid tense discussions, Greece came perilously close to leaving the eurozone.
On the line was not only the country's destiny and those punishing cutbacks demanded in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to secure financing from other sources, such as an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to tossing cash into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the punitive bailout terms were put to a public vote, a move which threw the EU into a deeper existential crisis.
Even though the vote was carried resoundingly by voters against austerity, the prime minister had little option but to reject its outcome then agree to a rescue deal from foreign lenders which turned out to be tougher.
Final Straw
Tsipras claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the covers of magazines the world over … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy that included establishing a parallel currency as well as distributing coupons to pensioners, the leader knew it was the end questioning him: “Is this for real?”
Lasting Rebuke
In the memoir, the author asserts that Varoufakis had proved himself to be “unfit for a deal demanding complex and delicate management.”
Tsipras also wrote how his confrontational style made him increasingly isolated among peers, endangered the country, while helped hawks that were pushing for Grexit.
The account of events has been met with anger along with shock in some quarters, whereas the former minister has so far maintained a conspicuous quiet on the matter.