Within his freshly published autobiography, named Ithaki, the ex- premier Tsipras spares no criticism while he reflects on that chaotic period during Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's recollections, he selected the unorthodox academic Yanis Varoufakis to be the treasury head largely due to his international reputation along with Varoufakis's very persuasive abilities when it came to public orator.
“In reality, he was, truthfully, more of a personality and less of an economic expert,” recalled Tsipras.
Clashing Priorities
The former leader suggests how Varoufakis possessed a personal agenda which involved promoting his books and testing out his own economic models using Greece rather than genuinely advocating the country's financial survival.
Tsipras noted how those negotiations to avoid insolvency were “not only a way of achieving improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid tense negotiations, the country came perilously close to leaving the single currency area.
On the line lay not only Greece's destiny but also the punishing austerity measures required in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to find funds elsewhere, including an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum and U-Turn
In July 2015, those excoriating conditions were subjected to a popular referendum, a move which plunged Europe into further crisis of identity.
Although the referendum was won decisively by those against the cuts, Tsipras had little option to reject its outcome and agree to a bailout package with creditors which turned out to be tougher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who attracted publicity, who graced the front pages of publications the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included establishing a secondary currency and issuing coupons to retirees, the leader knew it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, the author concludes how his former ally demonstrated himself “unsuitable for an agreement demanding intricate and sensitive handling.”
Tsipras further wrote how his aggressive approach made him more and more alone with colleagues, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
This account of history has been met with fury and shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
