Within his recently unveiled autobiography, called Ithaki, the former prime minister Tsipras spares no criticism while he reflects on the turbulent period of Greece's financial crisis.
An Unconventional Choice
As per Tsipras's version, Tsipras appointed that maverick academic Yanis Varoufakis to be the treasury head primarily due to the latter's international reputation and Varoufakis's highly compelling skills as a communicator.
“He was, actually, more of a star rather than an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests how Varoufakis had a personal agenda which included advancing Varoufakis's publications and experimenting with his game theories using Greece instead of truly advocating its financial survival.
Tsipras explained how the talks to avoid insolvency were “not only a way of achieving improved terms for the country. They became an experiment, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece came perilously close to exiting the eurozone.
At stake lay both Greece's future but also the punishing cutbacks demanded in exchange for rescue loans by international creditors.
Failed Options
Efforts to secure financing elsewhere, such as a desperate appeal to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, the excoriating conditions were subjected to a public vote, a move that threw the EU into deeper crisis of identity.
Even though the vote was carried decisively by voters against the cuts, the prime minister had little option to ignore the result then agree to a bailout package with creditors that turned out to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“He was the public image of the talks, the figure who attracted media attention, who appeared on the covers of magazines the world over … it seemed he relished his new role.”
When the minister outlined a backup strategy involving creating a secondary currency and issuing vouchers to pensioners, Tsipras knew that it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
Within the book, the author concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement that required complex and delicate management.”
Tsipras also wrote how Varoufakis's confrontational approach made him increasingly isolated with colleagues, put Greece at risk, and helped hardliners who were pushing for Grexit.
This account of history has been met with anger and stunned disbelief in some quarters, while Varoufakis has so far kept a deafening silence on the matter.
