In a recently unveiled memoir, called Ithaki, the former prime minister Tsipras does not hold back as he reflects on that chaotic era during Greece's financial crisis.
A Controversial Appointment
In the ex-PM's recollections, Tsipras chose that maverick economist Yanis Varoufakis to be his finance minister primarily due to his international reputation and his very persuasive abilities when it came to public orator.
“In reality, he was, in reality, more of a star rather than an economist,” stated the 51-year-old.
Clashing Agendas
The former leader alleges how his finance chief had his own motives that involved advancing his publications as well as testing out his economic models on the nation instead of truly fighting for its economic stability.
He explained that the negotiations to stave off insolvency became “not just a method of achieving a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
During volatile discussions, the country came perilously on the brink of exiting the single currency area.
At stake was both Greece's destiny and the harsh austerity measures required in exchange for financial aid from foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, including an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, the punitive conditions were put to a public vote, an action that threw Europe into deeper crisis of identity.
Even though the referendum was won resoundingly by those who opposed austerity, the prime minister was forced but to ignore the result then agree to a rescue deal from foreign lenders which turned out to be even harsher.
Final Straw
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
When the minister outlined a backup strategy involving creating a parallel currency as well as issuing coupons to pensioners, Tsipras said he realised that it was the end questioning him: “Can you be serious?”
Lasting Criticism
Within the book, Tsipras concludes how Varoufakis had proved himself to be “unfit for an agreement that required intricate and delicate management.”
He also claimed that Varoufakis's confrontational approach made him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were pushing for Grexit.
The account of history has been met with fury along with shock in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
