In a recently unveiled autobiography, titled Ithaki, the former prime minister Tsipras spares no criticism as he revisits that turbulent era during Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's account, Tsipras selected that unorthodox economist Yanis Varoufakis to be the treasury head largely due to his worldwide fame along with Varoufakis's very persuasive skills when it came to public orator.
“He was, in reality, more like a personality rather than an economist,” wrote Tsipras.
Conflicting Priorities
The former leader claims that Varoufakis possessed his own motives which included promoting Varoufakis's publications as well as experimenting with his economic models on Greece rather than genuinely advocating its economic stability.
Tsipras wrote how the talks to prevent bankruptcy were “not only a method to secure a better deal for Greece. They became an experiment, a monumental opportunity to prove the validity of his economic theories.”
Critical Talks
Amid rollercoaster negotiations, the country found itself dangerously on the brink of leaving the single currency area.
At stake lay both Greece's future but also the punishing austerity policies required in return for bailout funds from foreign lenders.
Failed Options
Efforts to find funds elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Referendum Followed by Reversal
That summer, those punitive conditions were subjected to a public vote, a move that plunged the EU into deeper crisis of identity.
Although the referendum was won decisively by those against austerity, the prime minister had little option but to reject its outcome and negotiate a rescue deal with foreign lenders that proved to be tougher.
Final Straw
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the public image of the talks, the figure who drew media attention, who appeared on the front pages of publications globally … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy involving creating a secondary currency and distributing coupons to retirees, Tsipras said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for an agreement demanding intricate and delicate handling.”
He also claimed that his aggressive approach left him more and more alone with colleagues, put Greece at risk, while assisted hawks who were advocating Grexit.
The account of history has been met with anger and stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
