In a recently unveiled autobiography, called Ithaki, the ex- leader Tsipras pulls no punches as he examines that chaotic era during Greece's financial crisis.
A Controversial Choice
As per Tsipras's version, Tsipras selected that unorthodox academic Yanis Varoufakis as his treasury head largely due to his worldwide fame and Varoufakis's very persuasive abilities when it came to communicator.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” wrote Tsipras.
Clashing Agendas
The former leader alleges how his finance chief had his own agenda that included advancing Varoufakis's publications as well as testing out his game theories using Greece rather than truly advocating the country's financial survival.
Tsipras noted that those negotiations to stave off bankruptcy were “not only a method to secure improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
During rollercoaster negotiations, Greece found itself perilously on the brink of leaving the single currency area.
At stake lay not only the country's future and those severe austerity measures demanded in return for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to secure financing from other sources, including a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country was tantamount to throwing money into the garbage, Putin reportedly informed Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, the harsh bailout terms were put to a public vote, a move that threw Europe into a deeper crisis of identity.
Although the referendum was carried resoundingly by voters against the cuts, Tsipras was forced to ignore the result then negotiate a bailout package with foreign lenders which turned out to be more severe.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the man who attracted publicity, who appeared on the covers of publications globally … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a backup strategy that included creating a secondary currency and issuing vouchers to retirees, the leader said he realised it was the end and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for a deal that required complex and sensitive management.”
He also claimed how Varoufakis's aggressive approach left him increasingly isolated with colleagues, put Greece at risk, while helped hawks who were advocating a Greek exit from the euro.
This account of history has been met with anger along with shock in some quarters, while the former minister has so far kept a conspicuous quiet on the matter.
