In a freshly published autobiography, titled Ithaki, the ex- prime minister Tsipras does not hold back while he reflects on that chaotic period of Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's version, Tsipras selected the unorthodox academic Yanis Varoufakis to be the finance minister primarily because of the latter's international reputation and his highly compelling abilities as a speaker.
“He was, in reality, more like a star and less of an economic expert,” recalled Tsipras.
Clashing Priorities
The former leader alleges that Varoufakis possessed a personal agenda which included advancing his publications as well as experimenting with his own theories using Greece instead of truly advocating the country's economic stability.
He wrote that the talks to stave off bankruptcy became “not only a method of achieving a better deal for Greece. They were a test, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid tense discussions, the country found itself dangerously close to exiting the eurozone.
On the line lay not only the country's destiny but also the severe austerity measures demanded in return for financial aid by foreign lenders.
Failed Options
Attempts to secure funds from other sources, such as a desperate appeal to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to throwing money into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum and Reversal
That summer, those punitive conditions were put to a popular referendum, a move that threw the EU into a deeper existential crisis.
Although the vote was carried resoundingly by those who opposed austerity, the prime minister had little option to reject its outcome and agree to a bailout package with foreign lenders which proved to be even harsher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a backup strategy that included creating a secondary currency as well as distributing vouchers to retirees, the leader knew that it was the end questioning him: “Can you be serious?”
Enduring Criticism
Within the book, the author concludes how his former ally had proved himself “unsuitable for a deal demanding intricate and delicate management.”
He also wrote that Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
This account of events has provoked anger along with shock among certain groups, whereas the former minister has kept a deafening silence on the matter.
