Within his recently unveiled autobiography, called Ithaki, the former premier Tsipras pulls no punches as he examines that turbulent period during Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's account, he appointed that maverick academic Yanis Varoufakis to be his treasury head mainly due to his international reputation along with his “extremely attractive” skills as a speaker.
“In reality, he was, in reality, more of a star and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader suggests that Varoufakis possessed a personal motives which involved promoting his publications as well as experimenting with his own economic models using Greece rather than truly fighting for its financial survival.
Tsipras noted how the talks to avoid bankruptcy were “not just a method to secure improved terms for Greece. They became a test, a monumental chance to demonstrate the validity of his ideas.”
Critical Negotiations
Amid volatile negotiations, Greece found itself dangerously on the brink of leaving the eurozone.
At stake lay not only Greece's future and the severe austerity policies demanded in return for rescue loans by international creditors.
Unsuccessful Options
Attempts to find financing elsewhere, such as an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece would be tantamount to tossing cash in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, those harsh conditions were subjected to a public vote, an action which threw the EU into a further existential crisis.
Even though the vote was won decisively by those against austerity, the prime minister was forced but to ignore the result then agree to a rescue deal with creditors that turned out to be more severe.
Breaking Point
Tsipras claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who attracted media attention, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
After the minister proposed a contingency plan involving establishing a parallel currency as well as issuing vouchers to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
Within the book, Tsipras asserts how his former ally had proved himself to be “unfit for a deal demanding intricate and sensitive handling.”
Tsipras also wrote how Varoufakis's aggressive style made him increasingly isolated among peers, put Greece at risk, while helped hawks that were advocating Grexit.
This account of events has provoked anger and shock among certain groups, whereas the former minister has maintained a deafening silence regarding these claims.
