Within his freshly published autobiography, titled Ithaki, the former prime minister Tsipras spares no criticism as he examines that chaotic period during Greece's economic turmoil.
A Controversial Appointment
In Tsipras's version, he chose the unorthodox academic Yanis Varoufakis to be the treasury head largely due to his global profile and Varoufakis's highly compelling abilities when it came to communicator.
“In reality, he was, truthfully, more of a personality and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
The former leader alleges how his finance chief possessed his own motives that included advancing Varoufakis's publications and testing out his own economic models on the nation rather than truly advocating its economic stability.
Tsipras wrote that the discussions to prevent bankruptcy became “not just a way of achieving a better deal for Greece. They were a test, a monumental chance to prove the validity of Varoufakis's ideas.”
Critical Talks
Amid volatile negotiations, the country found itself dangerously close to leaving the single currency area.
On the line was both the country's destiny but also those severe austerity policies required in return for bailout funds by foreign lenders.
Failed Options
Efforts to find funds elsewhere, including a desperate plea to Russia to buy Greek bonds, went unanswered.
Helping the indebted country was equivalent to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, the punitive bailout terms were subjected to a popular referendum, an action that threw Europe into a deeper crisis of identity.
Even though the vote was carried decisively by voters against austerity, the prime minister had little option but to reject its outcome and agree to a rescue deal with creditors which turned out to be tougher.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the figure who attracted media attention, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”
After the minister outlined a contingency plan involving establishing a secondary currency as well as distributing coupons to retirees, Tsipras said he realised it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, the author concludes that his former ally demonstrated himself “unsuitable for an agreement demanding complex and delicate management.”
He further wrote how his confrontational approach left him increasingly isolated with colleagues, endangered the country, and helped hardliners that were advocating a Greek exit from the euro.
This account of history has been met with fury and shock in some quarters, while the former minister has so far kept a conspicuous quiet on the matter.
