In a freshly published autobiography, titled Ithaki, the ex- prime minister Tsipras pulls no punches as he reflects on the turbulent era during Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's account, he selected that unorthodox academic Yanis Varoufakis as his finance minister mainly due to the latter's worldwide fame along with his very persuasive abilities as a speaker.
“In reality, he was, truthfully, more like a star rather than an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras claims how his finance chief possessed a personal agenda which involved advancing his publications and experimenting with his economic models on Greece instead of truly advocating its economic stability.
He explained how those negotiations to prevent bankruptcy became “not just a way of achieving a better deal for the country. They were an experiment, a monumental chance to prove the truth of Varoufakis's theories.”
High-Stakes Negotiations
During volatile negotiations, Greece found itself perilously on the brink of leaving the eurozone.
On the line was both the country's destiny but also those harsh austerity measures required in return for bailout funds from international creditors.
Unsuccessful Options
Efforts to find financing elsewhere, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, those excoriating bailout terms were subjected to a public vote, a move which threw Europe into further crisis of identity.
Although the referendum was carried resoundingly by those who opposed austerity, Tsipras was forced to reject its outcome then negotiate a rescue deal from foreign lenders which turned out to be more severe.
Breaking Point
Tsipras claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the covers of magazines globally … it seemed he was enjoying his new role.”
When the minister outlined a contingency plan that included establishing a parallel currency as well as issuing vouchers to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras concludes that his former ally demonstrated himself to be “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras also wrote that Varoufakis's aggressive approach made him increasingly isolated with colleagues, endangered the country, while helped hardliners who were pushing for Grexit.
The account of events has provoked fury and shock in some quarters, whereas the former minister has maintained a deafening silence on the matter.
