Within his freshly published memoir, named Ithaki, the former prime minister Tsipras pulls no punches as he reflects on that chaotic era during Greece's economic turmoil.
An Unconventional Appointment
According to the ex-PM's version, he selected that maverick academic Yanis Varoufakis as the finance minister mainly because of his global profile along with Varoufakis's “extremely attractive” skills when it came to speaker.
“He was, actually, more of a personality rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
Tsipras alleges that his finance chief had his own agenda which included promoting Varoufakis's books and experimenting with his game theories on the nation rather than truly fighting for the country's economic stability.
Tsipras wrote that those discussions to stave off insolvency became “not only a way of achieving a better deal for Greece. They were an experiment, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid tense discussions, the country found itself dangerously close to exiting the single currency area.
At stake lay not only Greece's future but also the punishing cutbacks demanded in return for financial aid from international creditors.
Failed Options
Efforts to secure funds elsewhere, such as a desperate plea to Russia to buy Greek government bonds, went unanswered.
Assisting Greece was equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, those excoriating bailout terms were subjected to a public vote, an action that plunged Europe into deeper existential crisis.
Even though the vote was carried resoundingly by voters who opposed the cuts, Tsipras was forced to reject its outcome then agree to a bailout package with foreign lenders that turned out to be tougher.
Breaking Point
Tsipras claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy involving establishing a secondary currency and distributing vouchers to retirees, the leader said he realised that it was game over questioning him: “Is this for real?”
Lasting Rebuke
In the book, Tsipras asserts that Varoufakis demonstrated himself “unfit for a deal demanding complex and sensitive management.”
He further claimed how Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, and helped hawks that were advocating Grexit.
The account of history has provoked fury and shock among certain groups, while Varoufakis has kept a deafening silence on the matter.
