Within his recently unveiled autobiography, called Ithaki, the ex- premier Tsipras spares no criticism as he revisits that chaotic era during Greece's economic turmoil.
A Controversial Appointment
In Tsipras's account, he selected that maverick economist Yanis Varoufakis to be his treasury head mainly due to his international reputation and his very persuasive abilities as a speaker.
“He was, in reality, more of a star and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras suggests how Varoufakis possessed his own agenda which involved advancing his books and experimenting with his own economic models using the nation instead of genuinely fighting for the country's economic stability.
Tsipras explained how those negotiations to prevent bankruptcy were “not only a way to secure improved terms for Greece. They were a test, a monumental opportunity to prove the truth of Varoufakis's theories.”
Critical Talks
Amid tense negotiations, the country came dangerously on the brink of leaving the single currency area.
At stake lay both the country's future and those punishing cutbacks demanded in exchange for bailout funds from international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Referendum Followed by Reversal
That summer, those excoriating bailout terms were put to a popular referendum, a move that threw the EU into further crisis of identity.
Although the referendum was carried resoundingly by those against austerity, Tsipras had little option to reject its outcome and agree to a rescue deal from foreign lenders which proved to be even harsher.
Final Straw
Tsipras revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who drew media attention, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan involving establishing a secondary currency as well as issuing coupons to retirees, Tsipras knew it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras concludes how Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and sensitive management.”
He further wrote that his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.
The retelling of events has provoked anger along with stunned disbelief in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
