In a recently unveiled personal account, called Ithaki, the former prime minister Tsipras spares no criticism as he revisits that turbulent era during Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's account, he appointed that maverick economist Yanis Varoufakis to be the treasury head primarily because of his global profile along with Varoufakis's very persuasive abilities when it came to public orator.
“He was, in reality, more of a celebrity and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras alleges that Varoufakis possessed a personal agenda which involved advancing his books as well as testing out his own theories on Greece rather than genuinely fighting for the country's economic stability.
He wrote that the talks to stave off insolvency became “not just a way to secure improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the validity of his theories.”
High-Stakes Talks
Amid volatile discussions, the country found itself dangerously close to leaving the single currency area.
At stake lay not only Greece's future but also the punishing austerity measures required in return for financial aid by foreign lenders.
Failed Options
Attempts to secure financing elsewhere, such as an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those punitive bailout terms were put to a popular referendum, a move that plunged Europe into a deeper existential crisis.
Even though the vote was won resoundingly by voters who opposed austerity, the prime minister was forced but to reject its outcome then agree to a bailout package with creditors which proved to be tougher.
Breaking Point
Tsipras revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who graced the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After the minister proposed a contingency plan that included creating a secondary currency and distributing coupons to pensioners, Tsipras knew that it was game over and asked him: “Are you serious?”
Enduring Rebuke
In the book, Tsipras concludes that Varoufakis had proved himself “unfit for a deal that required intricate and delicate handling.”
Tsipras further claimed that his aggressive style made him increasingly isolated among peers, endangered the country, while assisted hardliners that were pushing for Grexit.
This retelling of events has been met with anger and stunned disbelief in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
