In a recently unveiled autobiography, titled Ithaki, the ex- leader Tsipras pulls no punches while he revisits the turbulent era of Greece's financial crisis.
An Unconventional Choice
In the ex-PM's recollections, Tsipras selected that maverick economist Yanis Varoufakis to be his finance minister largely due to his international reputation and Varoufakis's highly compelling skills as a speaker.
“In reality, he was, actually, more of a star rather than an economist,” stated the 51-year-old.
Clashing Priorities
The former leader alleges how Varoufakis had a personal motives which included advancing his publications as well as experimenting with his own economic models using Greece rather than truly advocating the country's economic stability.
He wrote that the negotiations to prevent insolvency became “not only a way of achieving improved terms for Greece. They became a test, an historic chance to demonstrate the truth of his theories.”
Critical Talks
During rollercoaster negotiations, the country came dangerously on the brink of leaving the single currency area.
At stake was not only the country's future but also those severe austerity policies demanded in return for bailout funds by international creditors.
Failed Options
Attempts to find financing from other sources, including an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the punitive conditions were subjected to a public vote, a move which threw the EU into deeper existential crisis.
Even though the referendum was carried decisively by those against austerity, Tsipras had little option but to reject its outcome and negotiate a bailout package from creditors that turned out to be more severe.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the face of negotiation, the figure who attracted media attention, who graced the front pages of magazines the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a contingency plan involving creating a secondary currency and issuing coupons to pensioners, Tsipras said he realised that it was the end and asked him: “Are you serious?”
Lasting Rebuke
In the book, the author asserts how Varoufakis demonstrated himself “unsuitable for an agreement demanding intricate and delicate handling.”
Tsipras further wrote that Varoufakis's aggressive style left him increasingly isolated with colleagues, endangered the country, while helped hardliners that were advocating a Greek exit from the euro.
The retelling of history has been met with fury along with stunned disbelief in some quarters, while the former minister has maintained a deafening silence on the matter.
