Within his freshly published autobiography, called Ithaki, the ex- prime minister Tsipras spares no criticism while he reflects on that turbulent era of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's recollections, he chose that maverick academic Yanis Varoufakis to be the finance minister largely due to the latter's international reputation along with Varoufakis's very persuasive skills when it came to speaker.
“He was, actually, more of a personality rather than an economist,” wrote the 51-year-old.
Clashing Priorities
Tsipras claims that his finance chief possessed his own motives which included promoting Varoufakis's books as well as testing out his economic models using the nation rather than truly advocating its economic stability.
Tsipras wrote that the negotiations to avoid bankruptcy became “not only a method of achieving a better deal for the country. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Talks
During rollercoaster negotiations, the country came perilously on the brink of leaving the single currency area.
On the line was both the country's destiny and the severe cutbacks demanded in return for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, including a desperate appeal to Russia to buy Greek government bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Referendum and U-Turn
In July 2015, those excoriating conditions were subjected to a public vote, an action that threw the EU into deeper existential crisis.
Although the vote was carried resoundingly by those who opposed austerity, the prime minister was forced but to ignore the result and agree to a bailout package with creditors that proved to be more severe.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who attracted publicity, who appeared on the covers of publications globally … he gave the impression he relished the spotlight.”
When Varoufakis outlined a contingency plan involving establishing a parallel currency and distributing coupons to retirees, the leader said he realised that it was game over questioning him: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unfit for an agreement demanding intricate and delicate handling.”
He also wrote that Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were pushing for a Greek exit from the euro.
This account of history has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has kept a conspicuous quiet on the matter.
