In a recently unveiled autobiography, called Ithaki, the ex- prime minister Tsipras spares no criticism while he revisits the chaotic period during Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's account, Tsipras selected that maverick academic Yanis Varoufakis as the finance minister largely due to his global profile and his very persuasive skills as a public orator.
“In reality, he was, truthfully, more of a star and less of an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis had his own agenda that included advancing his publications and experimenting with his own theories using Greece instead of genuinely advocating its financial survival.
Tsipras noted how the negotiations to avoid bankruptcy were “not only a method to secure improved terms for the country. They became an experiment, a monumental chance to prove the validity of Varoufakis's ideas.”
High-Stakes Talks
During volatile negotiations, Greece came dangerously on the brink of exiting the eurozone.
At stake was not only the country's destiny but also those severe austerity measures required in exchange for financial aid by foreign lenders.
Failed Alternatives
Efforts to secure financing elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money into the garbage, Putin is reputed to have told Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, those punitive bailout terms were put to a popular referendum, a move which plunged the EU into further existential crisis.
Even though the referendum was won resoundingly by voters who opposed austerity, Tsipras had little option to reject its outcome then agree to a bailout package with creditors which proved to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”
When Varoufakis proposed a backup strategy involving establishing a secondary currency and distributing coupons to pensioners, Tsipras knew it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras also wrote that Varoufakis's aggressive style made him more and more alone with colleagues, put Greece at risk, while assisted hardliners that were pushing for Grexit.
This retelling of history has provoked anger and stunned disbelief in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.
