In a recently unveiled memoir, titled Ithaki, the ex- premier Tsipras does not hold back while he reflects on that turbulent era during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's account, Tsipras selected that maverick economist Yanis Varoufakis as the finance minister largely due to the latter's international reputation and his very persuasive abilities when it came to public orator.
“In reality, he was, truthfully, more of a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader claims that his finance chief possessed a personal motives which included promoting Varoufakis's books and experimenting with his game theories on Greece rather than truly fighting for its economic stability.
Tsipras explained how those negotiations to stave off bankruptcy were “not just a method of achieving improved terms for the country. They became a test, an historic chance to prove the truth of Varoufakis's economic theories.”
Critical Negotiations
During volatile negotiations, the country found itself perilously close to exiting the single currency area.
At stake lay both the country's future but also those punishing cutbacks demanded in exchange for financial aid by foreign lenders.
Failed Options
Efforts to find financing from other sources, including an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the punitive conditions were subjected to a popular referendum, an action which plunged Europe into a further existential crisis.
Even though the vote was carried decisively by voters who opposed the cuts, Tsipras had little option but to reject its outcome then agree to a rescue deal from creditors which turned out to be even harsher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who attracted media attention, who graced the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy that included creating a secondary currency and issuing coupons to retirees, Tsipras said he realised that it was game over and asked him: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras concludes that his former ally had proved himself to be “unsuitable for a deal that required intricate and delicate management.”
He also wrote that his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while helped hawks who were pushing for a Greek exit from the euro.
The retelling of history has been met with fury and shock among certain groups, while the former minister has so far maintained a deafening silence on the matter.
