In a newly released autobiography, named Ithaki, the former leader Tsipras pulls no punches while he reflects on that turbulent era during Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's version, he appointed that maverick academic Yanis Varoufakis to be his finance minister primarily because of the latter's global profile along with his very persuasive abilities when it came to public orator.
“In reality, he was, in reality, more of a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader alleges how Varoufakis had his own motives that included advancing Varoufakis's publications and experimenting with his economic models on Greece instead of genuinely advocating its economic stability.
He noted how the negotiations to prevent bankruptcy were “not just a method of achieving improved terms for the country. They became an experiment, an historic opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid volatile discussions, the country found itself perilously on the brink of leaving the eurozone.
On the line lay both the country's future and the harsh cutbacks required in exchange for financial aid by international creditors.
Failed Options
Efforts to secure financing from other sources, including an urgent plea to Russia to purchase Greek bonds, went unanswered.
Assisting Greece was tantamount to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those excoriating bailout terms were put to a popular referendum, a move which threw the EU into a deeper crisis of identity.
Although the referendum was won decisively by those against the cuts, the prime minister had little option to reject its outcome and negotiate a rescue deal with foreign lenders which proved to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan involving creating a secondary currency and distributing coupons to retirees, Tsipras said he realised it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, the author asserts that his former ally had proved himself “unsuitable for an agreement demanding intricate and sensitive management.”
Tsipras also claimed how his confrontational approach made him increasingly isolated with colleagues, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
This retelling of history has provoked anger and shock in some quarters, while Varoufakis has maintained a deafening silence on the matter.
