In a recently unveiled memoir, titled Ithaki, the former leader Tsipras spares no criticism while he examines that chaotic era of Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's account, he appointed the maverick economist Yanis Varoufakis as his treasury head primarily because of his international reputation and Varoufakis's “extremely attractive” skills as a communicator.
“He was, actually, more of a celebrity rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests how Varoufakis possessed a personal motives which involved promoting his publications and experimenting with his game theories on Greece rather than genuinely advocating its financial survival.
Tsipras wrote that the discussions to prevent insolvency became “not only a way to secure a better deal for the country. They became a test, a monumental chance to prove the truth of Varoufakis's economic theories.”
Critical Negotiations
During tense discussions, the country found itself perilously on the brink of exiting the single currency area.
On the line lay both Greece's future and those harsh austerity measures demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum and Reversal
That summer, the punitive bailout terms were put to a public vote, a move which threw the EU into deeper crisis of identity.
Even though the referendum was won decisively by those against the cuts, Tsipras had little option to reject its outcome then negotiate a bailout package with foreign lenders which proved to be even harsher.
Breaking Point
Tsipras revealed that he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a contingency plan that included establishing a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised it was game over questioning him: “Is this for real?”
Lasting Rebuke
Within the memoir, the author asserts how his former ally demonstrated himself “unfit for an agreement that required complex and sensitive management.”
Tsipras also wrote how Varoufakis's confrontational style made him more and more alone among peers, endangered the country, and helped hawks who were advocating Grexit.
The account of history has been met with fury along with stunned disbelief among certain groups, while the former minister has kept a deafening silence on the matter.
