Within his newly released personal account, called Ithaki, the ex- prime minister Tsipras does not hold back while he revisits the turbulent period during Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's recollections, he chose that maverick economist Varoufakis to be his finance minister mainly due to the latter's global profile and Varoufakis's very persuasive abilities as a speaker.
“In reality, he was, actually, more of a star rather than an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader claims that his finance chief had a personal motives which involved promoting his books as well as testing out his own theories using Greece rather than truly advocating its economic stability.
Tsipras wrote how the discussions to stave off bankruptcy became “not only a method of achieving improved terms for Greece. They became an experiment, a monumental chance to prove the truth of his ideas.”
High-Stakes Negotiations
During rollercoaster discussions, Greece came perilously close to leaving the eurozone.
On the line lay both the country's destiny and those harsh austerity measures demanded in exchange for rescue loans by international creditors.
Failed Alternatives
Efforts to find financing from other sources, including an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece was equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, the harsh bailout terms were subjected to a popular referendum, an action that threw the EU into further existential crisis.
Although the referendum was carried resoundingly by voters who opposed the cuts, the prime minister had little option but to ignore the result and agree to a bailout package from foreign lenders that turned out to be even harsher.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy that included creating a secondary currency and issuing vouchers to retirees, the leader said he realised that it was the end questioning Varoufakis: “Is this for real?”
Enduring Rebuke
Within the book, the author concludes how Varoufakis demonstrated himself “unsuitable for an agreement demanding complex and delicate handling.”
He further wrote how Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, and helped hardliners that were advocating Grexit.
This account of history has been met with fury along with shock among certain groups, while the former minister has so far maintained a deafening silence regarding these claims.