Within his newly released autobiography, called Ithaki, the former premier Tsipras spares no criticism as he examines that turbulent era during Greece's debt drama.
A Controversial Choice
According to Tsipras's recollections, Tsipras selected that unorthodox academic Yanis Varoufakis as his treasury head largely because of the latter's international reputation and his “extremely attractive” abilities when it came to speaker.
“In reality, he was, truthfully, more like a star and less of an economist,” wrote the 51-year-old.
Clashing Priorities
Tsipras alleges how his finance chief had a personal agenda that included promoting his books as well as testing out his game theories using the nation rather than truly advocating the country's economic stability.
He wrote how the negotiations to avoid bankruptcy became “not only a way to secure improved terms for Greece. They were a test, an historic chance to prove the truth of his economic theories.”
High-Stakes Negotiations
Amid tense discussions, the country came perilously on the brink of leaving the single currency area.
On the line lay both the country's future but also those punishing austerity policies required in return for bailout funds from international creditors.
Failed Options
Efforts to find funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country was equivalent to tossing cash in the trash-can, Putin reportedly informed Tsipras during their meeting.
Public Vote and U-Turn
That summer, those harsh bailout terms were put to a popular referendum, a move that plunged the EU into a further existential crisis.
Even though the referendum was won resoundingly by those against the cuts, Tsipras was forced to reject its outcome then agree to a bailout package from foreign lenders that proved to be tougher.
Breaking Point
Tsipras revealed how he began to doubt his finance minister relatively soon.
“He was the face of the talks, the man who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he relished his new role.”
After the minister proposed a contingency plan that included establishing a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised that it was the end questioning him: “Can you be serious?”
Enduring Criticism
Within the book, the author concludes that his former ally had proved himself to be “unfit for an agreement demanding complex and sensitive handling.”
Tsipras further wrote that Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, while assisted hardliners that were pushing for a Greek exit from the euro.
This account of events has been met with fury and shock in some quarters, while Varoufakis has maintained a conspicuous quiet on the matter.
