Within his newly released personal account, called Ithaki, the former leader Tsipras spares no criticism while he reflects on the turbulent period of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's version, Tsipras appointed that maverick academic Yanis Varoufakis to be the treasury head largely due to the latter's international reputation and his very persuasive abilities as a speaker.
“In reality, he was, in reality, more of a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
The former leader alleges that his finance chief had a personal motives that included advancing his publications and experimenting with his economic models using the nation instead of genuinely fighting for the country's economic stability.
He wrote that the talks to avoid insolvency were “not just a way of achieving a better deal for the country. They were an experiment, an historic chance to prove the truth of his theories.”
Critical Negotiations
Amid rollercoaster negotiations, the country came dangerously on the brink of leaving the eurozone.
At stake lay both the country's destiny and those punishing austerity policies required in return for bailout funds from foreign lenders.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was equivalent to tossing cash into the garbage, Putin reportedly informed Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, the excoriating conditions were subjected to a popular referendum, a move which threw the EU into a deeper crisis of identity.
Although the referendum was carried decisively by those who opposed austerity, the prime minister was forced but to reject its outcome and negotiate a rescue deal with foreign lenders that proved to be tougher.
Breaking Point
Tsipras claimed that he started questioning his finance minister quite early on.
“He was the face of the talks, the figure who drew media attention, who graced the front pages of magazines the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy that included creating a parallel currency and distributing coupons to retirees, Tsipras knew that it was game over and asked Varoufakis: “Are you serious?”
Enduring Criticism
In the book, the author concludes how Varoufakis demonstrated himself “unfit for a deal that required intricate and delicate handling.”
Tsipras also claimed how Varoufakis's aggressive style made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.
This retelling of history has been met with fury and shock in some quarters, while Varoufakis has kept a deafening silence on the matter.
