In a freshly published autobiography, titled Ithaki, the former prime minister Tsipras spares no criticism while he reflects on that turbulent period of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras selected the unorthodox economist Yanis Varoufakis as his treasury head primarily because of the latter's worldwide fame and his “extremely attractive” abilities when it came to public orator.
“He was, actually, more of a star and less of an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader suggests that his finance chief had his own motives that involved promoting his books and experimenting with his own economic models using Greece instead of truly fighting for the country's financial survival.
He wrote that those discussions to avoid insolvency became “not just a method to secure a better deal for Greece. They were an experiment, a monumental chance to prove the validity of his ideas.”
High-Stakes Talks
Amid tense negotiations, the country came perilously on the brink of exiting the single currency area.
At stake lay not only the country's future and the severe austerity policies demanded in return for rescue loans by international creditors.
Failed Options
Efforts to secure financing elsewhere, including a desperate plea to Russia to buy Greek bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were put to a popular referendum, a move that plunged the EU into deeper crisis of identity.
Although the vote was carried resoundingly by voters against the cuts, Tsipras had little option to ignore the result and agree to a bailout package with creditors which proved to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who drew publicity, who graced the front pages of publications globally … it seemed he was enjoying his new role.”
After the minister outlined a backup strategy that included establishing a parallel currency as well as distributing vouchers to pensioners, Tsipras knew it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and sensitive handling.”
He also claimed how his aggressive style left him increasingly isolated among peers, put Greece at risk, and assisted hardliners that were pushing for Grexit.
This retelling of history has provoked anger along with shock in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
