In a recently unveiled memoir, titled Ithaki, the ex- premier Tsipras spares no criticism while he reflects on that chaotic period during Greece's economic turmoil.
An Unconventional Choice
In Tsipras's recollections, Tsipras appointed the unorthodox economist Yanis Varoufakis to be the finance minister largely due to his worldwide fame and his highly compelling abilities when it came to public orator.
“He was, truthfully, more like a star rather than an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges that his finance chief had a personal motives which involved advancing Varoufakis's books as well as experimenting with his own theories on Greece instead of genuinely advocating the country's economic stability.
He wrote that those discussions to avoid bankruptcy became “not only a method of achieving a better deal for Greece. They were an experiment, an historic opportunity to prove the truth of Varoufakis's economic theories.”
Critical Talks
Amid tense discussions, Greece found itself perilously close to leaving the single currency area.
At stake was both the country's future and those punishing austerity measures demanded in exchange for bailout funds from international creditors.
Failed Alternatives
Attempts to find financing elsewhere, such as an urgent plea to the Kremlin to buy Greek bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money into the garbage, Putin is reputed to have told Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, the punitive conditions were put to a popular referendum, a move which threw the EU into deeper existential crisis.
Even though the referendum was won decisively by those who opposed austerity, Tsipras had little option to ignore the result then agree to a rescue deal from foreign lenders which proved to be tougher.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he relished the spotlight.”
After the minister outlined a contingency plan that included establishing a secondary currency as well as distributing coupons to retirees, Tsipras said he realised that it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes that his former ally had proved himself “unfit for a deal that required intricate and sensitive handling.”
Tsipras also claimed that his aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were advocating a Greek exit from the euro.
This retelling of history has been met with anger and shock among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
