Within his recently unveiled autobiography, called Ithaki, the former leader Tsipras pulls no punches as he reflects on that turbulent period of Greece's debt drama.
An Unconventional Appointment
In Tsipras's account, he chose the maverick economist Yanis Varoufakis as his treasury head mainly because of the latter's international reputation along with Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, truthfully, more of a star and less of an economist,” stated the 51-year-old.
Conflicting Agendas
Tsipras claims that Varoufakis possessed his own agenda which involved promoting his books as well as testing out his game theories on the nation instead of genuinely advocating the country's economic stability.
Tsipras noted that the talks to stave off insolvency became “not only a method to secure improved terms for Greece. They were a test, an historic opportunity to prove the validity of Varoufakis's ideas.”
High-Stakes Talks
During rollercoaster discussions, the country came perilously on the brink of exiting the single currency area.
At stake was both the country's destiny and those severe cutbacks demanded in return for rescue loans from international creditors.
Failed Alternatives
Attempts to secure funds from other sources, such as an urgent plea to Russia to buy Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Referendum and Reversal
That summer, those harsh bailout terms were subjected to a popular referendum, a move that plunged Europe into deeper crisis of identity.
Although the vote was carried decisively by voters who opposed the cuts, Tsipras was forced to reject its outcome and negotiate a rescue deal with creditors which turned out to be even harsher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the face of the talks, the figure who drew publicity, who graced the front pages of magazines the world over … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency and issuing vouchers to pensioners, Tsipras said he realised it was the end questioning him: “Can you be serious?”
Enduring Rebuke
In the book, the author asserts that Varoufakis had proved himself to be “unfit for a deal demanding complex and delicate handling.”
He also wrote that his aggressive style made him increasingly isolated with colleagues, put Greece at risk, and helped hardliners that were pushing for Grexit.
This account of history has provoked fury and stunned disbelief in some quarters, whereas Varoufakis has kept a conspicuous quiet on the matter.
