Within his recently unveiled memoir, titled Ithaki, the ex- leader Tsipras spares no criticism while he reflects on that turbulent period during Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's recollections, he chose the maverick economist Yanis Varoufakis to be the treasury head mainly because of the latter's global profile and Varoufakis's “extremely attractive” skills when it came to communicator.
“In reality, he was, actually, more of a personality and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief had a personal motives which involved advancing his books and testing out his own theories using Greece rather than genuinely fighting for its economic stability.
Tsipras wrote how those discussions to prevent bankruptcy were “not just a way of achieving improved terms for Greece. They were an experiment, an historic chance to prove the truth of his ideas.”
High-Stakes Talks
Amid tense negotiations, the country came dangerously close to leaving the eurozone.
At stake was not only Greece's destiny but also the punishing austerity measures required in exchange for bailout funds from foreign lenders.
Failed Options
Attempts to secure financing from other sources, such as a desperate appeal to Russia to buy Greek government bonds, were rejected.
Assisting Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the punitive bailout terms were put to a public vote, a move which plunged Europe into a deeper existential crisis.
Even though the vote was carried resoundingly by voters who opposed the cuts, Tsipras had little option to reject its outcome then negotiate a bailout package from creditors which turned out to be more severe.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a contingency plan involving creating a parallel currency as well as distributing vouchers to pensioners, the leader said he realised that it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, Tsipras asserts how Varoufakis demonstrated himself “unsuitable for a deal that required complex and delicate handling.”
Tsipras further claimed that his confrontational style made him more and more alone among peers, endangered the country, and helped hawks that were advocating Grexit.
This account of events has provoked anger and shock among certain groups, while Varoufakis has so far maintained a conspicuous quiet regarding these claims.
