Within his freshly published autobiography, titled Ithaki, the former prime minister Tsipras spares no criticism as he reflects on the turbulent era during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's account, he chose that maverick economist Yanis Varoufakis as his treasury head mainly due to the latter's international reputation and his “extremely attractive” skills when it came to public orator.
“He was, actually, more of a star and less of an economist,” wrote Tsipras.
Conflicting Priorities
Tsipras claims that Varoufakis possessed a personal agenda which included promoting his books and testing out his own game theories on the nation instead of truly advocating the country's financial survival.
He noted that the discussions to prevent insolvency were “not just a method of achieving improved terms for the country. They were an experiment, an historic opportunity to demonstrate the validity of his economic theories.”
Critical Negotiations
During tense negotiations, the country came perilously close to exiting the single currency area.
At stake was both the country's destiny and those harsh austerity measures demanded in return for bailout funds from international creditors.
Failed Options
Efforts to find financing from other sources, including an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those harsh conditions were put to a public vote, a move which plunged Europe into a deeper existential crisis.
Even though the referendum was carried resoundingly by voters against the cuts, Tsipras had little option but to ignore the result and agree to a rescue deal with foreign lenders that turned out to be more severe.
Final Straw
Tsipras claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who graced the front pages of publications globally … it seemed he relished the spotlight.”
When the minister proposed a backup strategy involving creating a parallel currency as well as distributing vouchers to pensioners, the leader said he realised it was game over and asked him: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for an agreement demanding intricate and sensitive management.”
He also wrote how Varoufakis's aggressive approach left him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
This retelling of history has provoked anger and shock in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.
