In a freshly published personal account, titled Ithaki, the former leader Tsipras does not hold back as he reflects on the chaotic era of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's recollections, Tsipras chose the maverick academic Yanis Varoufakis as the finance minister mainly due to the latter's worldwide fame along with Varoufakis's highly compelling skills as a speaker.
“In reality, he was, actually, more of a personality rather than an economist,” recalled Tsipras.
Conflicting Priorities
Tsipras claims that his finance chief possessed his own motives that included promoting Varoufakis's books and experimenting with his own game theories on the nation rather than truly advocating its economic stability.
He explained how those negotiations to avoid bankruptcy became “not only a method to secure a better deal for the country. They were an experiment, a monumental opportunity to prove the truth of his economic theories.”
Critical Negotiations
During rollercoaster discussions, Greece found itself dangerously on the brink of exiting the single currency area.
On the line was not only Greece's future but also the harsh austerity policies required in exchange for financial aid from international creditors.
Failed Alternatives
Attempts to find financing elsewhere, such as an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting Greece would be equivalent to throwing money in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, those excoriating bailout terms were put to a public vote, a move which plunged Europe into a deeper crisis of identity.
Even though the referendum was carried decisively by those against austerity, Tsipras had little option but to ignore the result then agree to a rescue deal with foreign lenders that proved to be tougher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who attracted media attention, who graced the covers of publications the world over … it seemed he relished his new role.”
When the minister proposed a contingency plan involving establishing a secondary currency and issuing coupons to retirees, Tsipras said he realised it was the end and asked him: “Is this for real?”
Lasting Rebuke
In the memoir, the author concludes that his former ally demonstrated himself “unfit for an agreement that required complex and delicate management.”
Tsipras also wrote how Varoufakis's aggressive style made him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners that were advocating a Greek exit from the euro.
The retelling of history has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.
