In a recently unveiled memoir, called Ithaki, the former prime minister Tsipras spares no criticism as he revisits that turbulent era of Greece's economic turmoil.
A Controversial Choice
According to the ex-PM's recollections, Tsipras selected the unorthodox academic Yanis Varoufakis to be his finance minister primarily because of the latter's international reputation and his “extremely attractive” abilities as a communicator.
“He was, actually, more of a celebrity and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims how Varoufakis had his own motives that involved advancing his publications and testing out his own economic models using Greece rather than truly fighting for its economic stability.
Tsipras noted how those discussions to prevent bankruptcy became “not only a way of achieving a better deal for Greece. They became a test, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid tense discussions, the country found itself perilously on the brink of exiting the eurozone.
At stake lay both the country's destiny and those severe cutbacks demanded in exchange for bailout funds by international creditors.
Failed Alternatives
Efforts to find financing from other sources, including a desperate appeal to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, the punitive conditions were put to a public vote, a move which threw Europe into a further crisis of identity.
Even though the vote was carried decisively by voters who opposed austerity, Tsipras was forced but to ignore the result and negotiate a rescue deal from creditors that turned out to be more severe.
Final Straw
Tsipras claimed that he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the man who drew media attention, who graced the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy involving creating a parallel currency and distributing vouchers to retirees, Tsipras said he realised that it was the end and asked him: “Is this for real?”
Enduring Rebuke
In the book, Tsipras concludes how Varoufakis had proved himself “unsuitable for an agreement demanding complex and sensitive management.”
He also wrote how his confrontational style made him more and more alone among peers, put Greece at risk, while helped hawks who were advocating Grexit.
The account of history has been met with fury along with shock among certain groups, while the former minister has maintained a conspicuous quiet on the matter.
