In a newly released autobiography, titled Ithaki, the former premier Tsipras does not hold back as he examines the chaotic era of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's recollections, Tsipras appointed the unorthodox economist Yanis Varoufakis as his treasury head mainly because of his worldwide fame along with his “extremely attractive” abilities when it came to public orator.
“In reality, he was, in reality, more like a celebrity rather than an economic expert,” recalled Tsipras.
Clashing Agendas
Tsipras suggests that his finance chief possessed a personal motives that involved advancing Varoufakis's publications as well as experimenting with his game theories on Greece instead of genuinely fighting for the country's economic stability.
Tsipras noted how those discussions to stave off insolvency became “not just a way to secure a better deal for Greece. They became an experiment, an historic chance to demonstrate the truth of his ideas.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself perilously on the brink of leaving the eurozone.
At stake lay not only the country's future and those severe austerity measures required in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, were rejected.
Assisting Greece would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, those punitive conditions were put to a popular referendum, a move which threw Europe into deeper existential crisis.
Although the vote was won decisively by those who opposed austerity, Tsipras was forced to ignore the result and negotiate a rescue deal from creditors that turned out to be more severe.
Breaking Point
Tsipras revealed that he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew media attention, who graced the covers of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis proposed a backup strategy involving creating a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised it was the end questioning Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, Tsipras concludes how his former ally had proved himself “unsuitable for an agreement demanding complex and delicate handling.”
Tsipras also wrote that Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, and helped hardliners that were advocating a Greek exit from the euro.
The account of history has been met with anger along with shock in some quarters, while Varoufakis has maintained a deafening silence on the matter.
