In a recently unveiled memoir, named Ithaki, the ex- premier Tsipras pulls no punches as he reflects on that chaotic period of Greece's financial crisis.
An Unconventional Choice
According to Tsipras's recollections, he chose that unorthodox academic Yanis Varoufakis to be his finance minister primarily because of his global profile and his highly compelling skills as a public orator.
“He was, truthfully, more like a star and less of an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader suggests how Varoufakis possessed his own agenda which included advancing Varoufakis's books and testing out his own game theories using Greece rather than genuinely advocating the country's financial survival.
He wrote how those talks to stave off bankruptcy were “not just a method to secure improved terms for the country. They became a test, an historic opportunity to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
Amid volatile discussions, the country found itself dangerously on the brink of leaving the single currency area.
On the line lay both Greece's future but also those punishing cutbacks demanded in exchange for bailout funds by international creditors.
Failed Alternatives
Attempts to secure financing from other sources, such as a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, those excoriating conditions were subjected to a popular referendum, a move which threw Europe into further existential crisis.
Although the vote was won decisively by those against the cuts, Tsipras was forced but to reject its outcome and agree to a bailout package with foreign lenders which turned out to be more severe.
Final Straw
The ex-PM revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who drew media attention, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author asserts that Varoufakis had proved himself “unfit for a deal that required complex and delicate management.”
He also claimed that Varoufakis's aggressive style made him more and more alone among peers, endangered the country, while helped hardliners who were pushing for a Greek exit from the euro.
The retelling of events has provoked anger and shock among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
