In a recently unveiled autobiography, called Ithaki, the former prime minister Tsipras pulls no punches while he revisits that turbulent era of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's account, he selected the maverick academic Yanis Varoufakis to be his treasury head primarily due to the latter's international reputation along with Varoufakis's very persuasive abilities as a speaker.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” stated the 51-year-old.
Clashing Priorities
The former leader alleges how Varoufakis had his own agenda which involved advancing Varoufakis's books as well as testing out his game theories using the nation instead of genuinely advocating the country's financial survival.
He noted that those discussions to avoid insolvency were “not just a way of achieving improved terms for the country. They became an experiment, an historic opportunity to prove the validity of his theories.”
Critical Talks
During volatile discussions, the country came dangerously close to leaving the single currency area.
At stake was both Greece's future but also the harsh austerity policies demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to tossing cash into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, those harsh conditions were subjected to a public vote, a move that plunged the EU into deeper crisis of identity.
Even though the referendum was won resoundingly by those who opposed the cuts, Tsipras had little option to ignore the result then agree to a rescue deal from creditors which proved to be tougher.
Final Straw
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a parallel currency as well as distributing coupons to retirees, the leader said he realised that it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how his former ally demonstrated himself to be “unsuitable for a deal demanding intricate and sensitive management.”
Tsipras also wrote how Varoufakis's confrontational approach made him increasingly isolated among peers, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
This retelling of events has provoked fury along with stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet on the matter.
