In a recently unveiled autobiography, named Ithaki, the ex- prime minister Tsipras does not hold back as he examines the turbulent era of Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's version, he selected the unorthodox economist Yanis Varoufakis to be his treasury head largely because of his international reputation and his very persuasive skills as a communicator.
“He was, actually, more of a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests how his finance chief possessed a personal agenda which involved advancing Varoufakis's publications as well as testing out his own theories on the nation instead of genuinely advocating the country's financial survival.
He noted that those discussions to stave off insolvency became “not just a method to secure improved terms for the country. They became a test, a monumental chance to prove the truth of his economic theories.”
High-Stakes Negotiations
During volatile negotiations, the country found itself dangerously on the brink of leaving the single currency area.
On the line was both Greece's future but also those severe cutbacks required in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece would be equivalent to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, those harsh bailout terms were subjected to a public vote, an action which plunged the EU into a deeper existential crisis.
Even though the vote was won decisively by voters against the cuts, the prime minister had little option but to ignore the result then negotiate a bailout package from foreign lenders that proved to be even harsher.
Final Straw
The ex-PM revealed that he started questioning his finance minister quite early on.
“He was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of publications globally … it seemed he relished the spotlight.”
After the minister proposed a contingency plan involving creating a secondary currency and distributing vouchers to retirees, Tsipras said he realised that it was the end and asked him: “Is this for real?”
Lasting Criticism
In the book, Tsipras asserts how Varoufakis had proved himself “unfit for an agreement that required complex and sensitive handling.”
He also claimed how his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating Grexit.
The retelling of history has been met with fury and stunned disbelief among certain groups, while the former minister has maintained a deafening silence on the matter.
