Within his newly released autobiography, titled Ithaki, the former prime minister Tsipras spares no criticism while he reflects on that chaotic period of Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's account, Tsipras selected the maverick academic Yanis Varoufakis to be his finance minister primarily because of the latter's worldwide fame along with Varoufakis's very persuasive abilities as a public orator.
“He was, actually, more of a personality rather than an economic expert,” stated Tsipras.
Clashing Priorities
Tsipras alleges how his finance chief had his own agenda which involved advancing Varoufakis's books and testing out his theories on Greece instead of genuinely advocating the country's economic stability.
Tsipras explained how the negotiations to prevent insolvency were “not just a way of achieving a better deal for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”
High-Stakes Talks
During tense negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
At stake was not only Greece's future and the harsh austerity policies required in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, including a desperate appeal to Russia to buy Greek government bonds, were rejected.
Assisting Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have told Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, those excoriating conditions were subjected to a public vote, an action that threw the EU into a deeper existential crisis.
Even though the referendum was carried decisively by those who opposed austerity, Tsipras was forced but to ignore the result then agree to a bailout package with creditors which turned out to be even harsher.
Final Straw
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a secondary currency and issuing vouchers to pensioners, the leader said he realised that it was game over questioning him: “Is this for real?”
Enduring Criticism
In the book, Tsipras concludes that his former ally had proved himself “unfit for a deal that required complex and sensitive handling.”
Tsipras also claimed that Varoufakis's aggressive style made him more and more alone with colleagues, endangered the country, and helped hardliners who were advocating Grexit.
This account of events has provoked anger along with shock among certain groups, while the former minister has kept a deafening silence on the matter.
