In a freshly published personal account, named Ithaki, the former prime minister Tsipras pulls no punches as he reflects on the chaotic period of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's recollections, he chose that maverick economist Yanis Varoufakis to be the treasury head largely because of his international reputation and Varoufakis's highly compelling skills when it came to speaker.
“He was, actually, more like a star and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader alleges how Varoufakis had his own agenda that involved promoting his books and testing out his theories using the nation instead of genuinely fighting for the country's financial survival.
Tsipras noted that those negotiations to prevent insolvency became “not only a way to secure a better deal for Greece. They were a test, an historic chance to prove the validity of Varoufakis's ideas.”
Critical Talks
During rollercoaster discussions, Greece found itself perilously close to leaving the single currency area.
On the line lay both the country's destiny but also those punishing austerity measures demanded in return for bailout funds from international creditors.
Failed Alternatives
Efforts to secure financing from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, the harsh bailout terms were put to a public vote, an action which plunged the EU into a deeper crisis of identity.
Although the referendum was carried decisively by those who opposed austerity, Tsipras was forced but to reject its outcome and negotiate a bailout package with creditors which turned out to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of the talks, the figure who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan involving establishing a parallel currency as well as issuing vouchers to retirees, the leader knew that it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, the author concludes how his former ally had proved himself “unfit for an agreement that required intricate and delicate management.”
He also wrote that Varoufakis's aggressive approach left him increasingly isolated among peers, endangered the country, and helped hardliners who were pushing for Grexit.
This account of history has been met with fury and shock in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
