Within his freshly published autobiography, titled Ithaki, the former premier Tsipras spares no criticism as he reflects on that turbulent era during Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's recollections, Tsipras selected the maverick economist Yanis Varoufakis as the finance minister mainly due to his international reputation and his very persuasive skills as a public orator.
“He was, in reality, more like a celebrity and less of an economist,” wrote Tsipras.
Clashing Agendas
The former leader claims that his finance chief had a personal agenda that involved advancing his publications and experimenting with his own game theories using the nation rather than genuinely fighting for its financial survival.
Tsipras explained how the discussions to prevent insolvency became “not only a way to secure improved terms for the country. They were an experiment, an historic opportunity to demonstrate the truth of his ideas.”
High-Stakes Negotiations
Amid rollercoaster discussions, the country came perilously on the brink of leaving the single currency area.
On the line was not only the country's future but also the harsh austerity measures required in return for bailout funds from international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, the punitive conditions were put to a public vote, an action that threw the EU into a deeper crisis of identity.
Even though the vote was won resoundingly by voters who opposed austerity, Tsipras had little option but to ignore the result and agree to a rescue deal with creditors that turned out to be even harsher.
Final Straw
Tsipras claimed how he started questioning his finance minister relatively soon.
“He was the face of the talks, the man who attracted media attention, who graced the covers of magazines the world over … he gave the impression he was enjoying his new role.”
When the minister outlined a backup strategy that included creating a parallel currency and distributing coupons to pensioners, Tsipras said he realised that it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras concludes how his former ally had proved himself “unfit for a deal that required intricate and delicate handling.”
Tsipras further claimed how his aggressive approach left him more and more alone with colleagues, endangered the country, and assisted hardliners who were pushing for a Greek exit from the euro.
This account of events has been met with fury and shock in some quarters, while the former minister has kept a conspicuous quiet on the matter.
