In a freshly published autobiography, called Ithaki, the former leader Tsipras spares no criticism while he revisits the turbulent period of Greece's financial crisis.
An Unconventional Choice
In the ex-PM's version, Tsipras chose the maverick academic Yanis Varoufakis to be his finance minister mainly because of his worldwide fame along with Varoufakis's very persuasive abilities when it came to communicator.
“He was, in reality, more of a star and less of an economic expert,” wrote Tsipras.
Clashing Agendas
Tsipras claims that Varoufakis possessed a personal agenda that included promoting Varoufakis's books and testing out his own economic models using Greece rather than truly fighting for its financial survival.
Tsipras noted that those discussions to avoid bankruptcy became “not only a method of achieving a better deal for the country. They were an experiment, an historic chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
During rollercoaster discussions, the country came perilously on the brink of leaving the single currency area.
At stake was both the country's destiny but also those severe cutbacks required in return for financial aid by foreign lenders.
Unsuccessful Options
Attempts to secure financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, the excoriating bailout terms were subjected to a popular referendum, a move that threw Europe into a deeper existential crisis.
Even though the vote was carried resoundingly by those against austerity, Tsipras had little option to reject its outcome and agree to a rescue deal from creditors that proved to be tougher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who drew media attention, who graced the covers of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy involving establishing a parallel currency as well as distributing vouchers to retirees, the leader knew it was the end questioning him: “Are you serious?”
Lasting Rebuke
In the book, Tsipras concludes that his former ally had proved himself to be “unsuitable for an agreement that required intricate and sensitive handling.”
He further wrote that Varoufakis's confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were advocating a Greek exit from the euro.
The account of events has been met with fury and shock among certain groups, whereas the former minister has kept a conspicuous quiet regarding these claims.
