In a newly released memoir, titled Ithaki, the former prime minister Tsipras pulls no punches as he revisits the turbulent period of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's recollections, he selected the maverick economist Yanis Varoufakis to be the treasury head primarily because of his international reputation along with his very persuasive skills when it came to public orator.
“In reality, he was, truthfully, more of a personality and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader suggests how Varoufakis possessed a personal agenda which involved advancing his publications as well as experimenting with his own game theories on the nation rather than genuinely fighting for its financial survival.
Tsipras explained that the negotiations to prevent bankruptcy were “not only a method to secure a better deal for the country. They became an experiment, an historic opportunity to prove the truth of his economic theories.”
Critical Negotiations
Amid tense negotiations, the country came perilously close to leaving the eurozone.
On the line lay both the country's destiny and the harsh austerity policies required in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to find funds elsewhere, including a desperate appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, those excoriating bailout terms were subjected to a popular referendum, a move which threw the EU into further existential crisis.
Although the vote was won decisively by voters who opposed austerity, the prime minister had little option but to ignore the result then agree to a bailout package from creditors that proved to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the front pages of magazines the world over … it seemed he was enjoying his new role.”
After Varoufakis outlined a contingency plan involving establishing a secondary currency and issuing vouchers to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for a deal demanding complex and delicate handling.”
He further wrote how Varoufakis's aggressive style made him increasingly isolated among peers, endangered the country, while helped hawks who were advocating Grexit.
The retelling of history has been met with anger along with shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
