Within his recently unveiled autobiography, called Ithaki, the former premier Tsipras spares no criticism as he reflects on that chaotic period of Greece's debt drama.
An Unconventional Appointment
In the ex-PM's account, Tsipras chose the unorthodox academic Yanis Varoufakis as his finance minister largely because of the latter's worldwide fame and Varoufakis's very persuasive abilities when it came to public orator.
“He was, actually, more of a personality rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader suggests that Varoufakis possessed a personal agenda that included promoting Varoufakis's books as well as experimenting with his own theories on the nation rather than truly advocating the country's economic stability.
Tsipras wrote that those discussions to stave off insolvency became “not just a way of achieving a better deal for Greece. They became a test, a monumental opportunity to prove the truth of Varoufakis's economic theories.”
Critical Talks
Amid volatile discussions, Greece found itself dangerously on the brink of leaving the single currency area.
On the line lay not only Greece's future but also the harsh austerity measures demanded in exchange for financial aid by international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, the excoriating bailout terms were subjected to a popular referendum, an action that plunged Europe into a deeper crisis of identity.
Although the referendum was carried decisively by voters who opposed the cuts, the prime minister had little option but to reject its outcome then agree to a rescue deal with foreign lenders that turned out to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of the talks, the figure who attracted media attention, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”
When the minister outlined a contingency plan that included establishing a secondary currency and issuing vouchers to pensioners, the leader knew that it was game over and asked him: “Can you be serious?”
Enduring Criticism
Within the book, Tsipras concludes that his former ally demonstrated himself “unfit for an agreement that required intricate and delicate management.”
He also claimed how Varoufakis's confrontational style left him increasingly isolated among peers, put Greece at risk, and helped hawks who were pushing for Grexit.
This retelling of events has provoked fury and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
