Within his freshly published autobiography, called Ithaki, the ex- prime minister Tsipras spares no criticism as he revisits that turbulent period during Greece's economic turmoil.
A Controversial Appointment
As per Tsipras's account, Tsipras selected the unorthodox economist Yanis Varoufakis to be the finance minister primarily due to the latter's worldwide fame along with his very persuasive skills as a speaker.
“In reality, he was, in reality, more like a star rather than an economic expert,” recalled Tsipras.
Clashing Agendas
Tsipras claims how Varoufakis possessed a personal motives which included promoting his books as well as experimenting with his own game theories using the nation instead of truly fighting for the country's economic stability.
He wrote that the discussions to avoid bankruptcy became “not only a method to secure improved terms for the country. They became an experiment, a monumental chance to demonstrate the validity of Varoufakis's ideas.”
Critical Negotiations
Amid tense negotiations, the country came perilously on the brink of exiting the single currency area.
On the line was both Greece's destiny and the severe austerity policies required in return for bailout funds by foreign lenders.
Failed Options
Attempts to secure funds elsewhere, such as an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Helping Greece would be tantamount to tossing cash in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the excoriating bailout terms were put to a public vote, an action which plunged the EU into further existential crisis.
Even though the vote was won decisively by those who opposed the cuts, the prime minister was forced but to reject its outcome then agree to a rescue deal with foreign lenders that turned out to be tougher.
Final Straw
Tsipras revealed how he began to doubt his finance minister relatively soon.
“He was the face of the talks, the figure who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy involving establishing a parallel currency as well as distributing coupons to retirees, Tsipras said he realised that it was game over questioning him: “Are you serious?”
Lasting Rebuke
Within the book, the author concludes that Varoufakis demonstrated himself “unsuitable for an agreement that required complex and delicate handling.”
He further claimed that Varoufakis's confrontational style left him increasingly isolated with colleagues, endangered the country, while assisted hawks who were pushing for Grexit.
This retelling of history has been met with fury and stunned disbelief in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
