In a recently unveiled autobiography, titled Ithaki, the former premier Tsipras spares no criticism while he reflects on that turbulent period of Greece's financial crisis.
A Controversial Appointment
In Tsipras's version, he selected the maverick academic Yanis Varoufakis as his treasury head largely due to the latter's worldwide fame and his highly compelling skills as a speaker.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests how Varoufakis possessed a personal motives that included promoting Varoufakis's publications as well as testing out his theories using the nation instead of genuinely fighting for the country's financial survival.
He wrote that those talks to prevent insolvency became “not just a method to secure improved terms for the country. They were a test, a monumental chance to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece came dangerously close to exiting the eurozone.
On the line lay both the country's destiny and those severe austerity measures demanded in return for rescue loans from international creditors.
Unsuccessful Options
Efforts to secure funds elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those punitive conditions were put to a popular referendum, an action that threw Europe into further crisis of identity.
Even though the vote was carried decisively by voters who opposed austerity, Tsipras was forced to reject its outcome and negotiate a rescue deal from foreign lenders that turned out to be more severe.
Breaking Point
The ex-PM revealed that he started questioning his finance minister relatively soon.
“He was the public image of the talks, the man who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy involving creating a parallel currency and distributing coupons to retirees, the leader knew that it was game over and asked him: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras concludes how Varoufakis had proved himself “unfit for an agreement that required intricate and sensitive handling.”
He also wrote how Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, and helped hawks that were advocating Grexit.
This account of events has provoked fury and shock in some quarters, whereas Varoufakis has maintained a conspicuous quiet on the matter.
