In a recently unveiled memoir, named Ithaki, the ex- leader Tsipras pulls no punches while he examines that turbulent period during Greece's financial crisis.
A Controversial Appointment
In Tsipras's recollections, he chose that maverick academic Yanis Varoufakis to be his treasury head largely due to the latter's international reputation and his “extremely attractive” abilities as a speaker.
“He was, in reality, more like a celebrity and less of an economist,” stated the 51-year-old.
Clashing Agendas
Tsipras claims that his finance chief possessed a personal agenda which included promoting Varoufakis's books as well as testing out his own economic models on Greece rather than genuinely advocating its financial survival.
He wrote how those discussions to stave off bankruptcy became “not only a method to secure a better deal for the country. They were an experiment, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece came dangerously on the brink of exiting the eurozone.
On the line lay both the country's destiny and those punishing austerity measures demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, such as a desperate plea to Russia to buy Greek bonds, went unanswered.
Assisting Greece would be equivalent to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, those excoriating bailout terms were put to a popular referendum, an action that threw Europe into a deeper crisis of identity.
Although the vote was won resoundingly by those who opposed the cuts, the prime minister had little option but to ignore the result then agree to a rescue deal from creditors that proved to be tougher.
Final Straw
The ex-PM claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency as well as distributing coupons to retirees, Tsipras knew that it was the end questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, the author asserts that his former ally had proved himself to be “unfit for an agreement demanding complex and sensitive management.”
Tsipras further claimed that Varoufakis's aggressive approach left him more and more alone with colleagues, endangered the country, and assisted hardliners who were advocating a Greek exit from the euro.
The retelling of history has been met with anger along with shock in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.
