Within his newly released memoir, named Ithaki, the former prime minister Tsipras spares no criticism while he reflects on that chaotic era during Greece's economic turmoil.
A Controversial Choice
In Tsipras's recollections, he chose that unorthodox economist Yanis Varoufakis as the finance minister mainly because of the latter's worldwide fame along with Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
Tsipras suggests that Varoufakis had his own motives that included promoting Varoufakis's books and experimenting with his own theories using the nation instead of truly fighting for the country's economic stability.
Tsipras explained how the discussions to avoid bankruptcy became “not just a method of achieving a better deal for Greece. They were a test, an historic chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country came dangerously close to leaving the single currency area.
On the line lay both Greece's destiny and the severe austerity policies required in return for bailout funds from international creditors.
Unsuccessful Options
Attempts to find financing elsewhere, including an urgent appeal to the Kremlin to buy Greek bonds, were rejected.
Helping Greece was equivalent to tossing cash into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Public Vote and Reversal
That summer, those excoriating conditions were subjected to a popular referendum, a move which plunged Europe into deeper existential crisis.
Although the vote was carried decisively by those who opposed austerity, the prime minister had little option to reject its outcome and negotiate a bailout package with creditors that proved to be more severe.
Breaking Point
Tsipras claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the front pages of publications globally … he gave the impression he relished the spotlight.”
When Varoufakis outlined a backup strategy involving creating a parallel currency and issuing coupons to pensioners, Tsipras said he realised it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, the author asserts how Varoufakis had proved himself to be “unsuitable for a deal demanding complex and delicate management.”
He further claimed how Varoufakis's confrontational style left him more and more alone with colleagues, endangered the country, and assisted hawks who were advocating Grexit.
This retelling of history has been met with anger and shock in some quarters, while Varoufakis has so far kept a conspicuous quiet on the matter.
