In a recently unveiled autobiography, named Ithaki, the ex- premier Tsipras spares no criticism while he reflects on that turbulent era during Greece's debt drama.
A Controversial Choice
According to Tsipras's account, he appointed the unorthodox economist Yanis Varoufakis to be the treasury head mainly because of his worldwide fame and Varoufakis's very persuasive skills as a public orator.
“In reality, he was, in reality, more like a personality rather than an economic expert,” recalled Tsipras.
Clashing Priorities
The former leader claims that Varoufakis had a personal agenda that included promoting Varoufakis's publications as well as experimenting with his game theories using Greece rather than truly advocating the country's economic stability.
Tsipras noted that the negotiations to prevent insolvency were “not only a way to secure a better deal for the country. They were a test, an historic chance to prove the truth of Varoufakis's economic theories.”
Critical Negotiations
During tense discussions, the country came perilously on the brink of exiting the single currency area.
At stake lay both the country's future and those harsh austerity policies required in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to find financing elsewhere, including a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece was equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh bailout terms were put to a popular referendum, a move which threw Europe into further existential crisis.
Even though the vote was won resoundingly by those who opposed austerity, Tsipras was forced to reject its outcome then agree to a bailout package from foreign lenders which proved to be more severe.
Final Straw
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who drew media attention, who graced the covers of magazines globally … it seemed he relished the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency as well as distributing vouchers to retirees, Tsipras said he realised that it was the end and asked him: “Are you serious?”
Enduring Rebuke
In the book, the author asserts how his former ally demonstrated himself to be “unfit for an agreement demanding intricate and sensitive management.”
He further claimed how Varoufakis's confrontational approach made him increasingly isolated among peers, endangered the country, and helped hardliners that were advocating a Greek exit from the euro.
This account of events has been met with fury and stunned disbelief among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.
