Within his recently unveiled autobiography, called Ithaki, the ex- prime minister Tsipras pulls no punches while he revisits the chaotic period during Greece's debt drama.
A Controversial Choice
In Tsipras's version, he selected the maverick economist Yanis Varoufakis to be the finance minister largely due to his international reputation and Varoufakis's very persuasive skills as a speaker.
“He was, in reality, more of a personality and less of an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras alleges that Varoufakis possessed his own motives which included advancing his publications as well as experimenting with his own theories on Greece instead of truly fighting for the country's economic stability.
He explained how the discussions to prevent insolvency were “not only a way to secure improved terms for the country. They were a test, an historic opportunity to prove the validity of his ideas.”
High-Stakes Talks
During tense negotiations, the country came dangerously close to exiting the single currency area.
On the line was both Greece's future but also the punishing cutbacks demanded in exchange for financial aid from international creditors.
Failed Alternatives
Efforts to find financing from other sources, such as a desperate plea to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, those punitive conditions were put to a popular referendum, a move which threw Europe into a further crisis of identity.
Even though the vote was won decisively by those against the cuts, the prime minister had little option but to reject its outcome and agree to a rescue deal with foreign lenders which proved to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the covers of publications the world over … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a backup strategy involving establishing a secondary currency as well as issuing vouchers to retirees, Tsipras said he realised that it was the end and asked him: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras asserts that Varoufakis had proved himself to be “unfit for a deal demanding intricate and delicate management.”
He also claimed how his confrontational approach left him more and more alone among peers, endangered the country, while helped hardliners who were pushing for Grexit.
This account of events has provoked fury and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
