In a freshly published autobiography, called Ithaki, the ex- prime minister Tsipras pulls no punches as he examines that chaotic period of Greece's debt drama.
An Unconventional Choice
In Tsipras's recollections, Tsipras chose the unorthodox economist Yanis Varoufakis as his treasury head mainly because of the latter's international reputation and Varoufakis's very persuasive abilities when it came to public orator.
“He was, in reality, more of a celebrity and less of an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras suggests that Varoufakis had his own agenda that included advancing his books and experimenting with his game theories on the nation instead of genuinely fighting for the country's financial survival.
He wrote that those negotiations to prevent insolvency became “not just a method of achieving improved terms for the country. They were an experiment, a monumental chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
During rollercoaster discussions, Greece came perilously on the brink of exiting the eurozone.
On the line was both the country's destiny and those severe cutbacks required in exchange for financial aid from international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, including an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those harsh conditions were put to a public vote, a move which plunged Europe into further existential crisis.
Although the vote was carried resoundingly by voters against austerity, the prime minister was forced to reject its outcome then agree to a bailout package from creditors which proved to be more severe.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who attracted publicity, who appeared on the covers of publications globally … he gave the impression he relished his new role.”
When the minister proposed a contingency plan that included creating a parallel currency as well as issuing vouchers to retirees, the leader knew it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras also claimed that Varoufakis's aggressive style left him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were pushing for a Greek exit from the euro.
The retelling of history has been met with anger along with stunned disbelief among certain groups, while Varoufakis has kept a deafening silence regarding these claims.
