In a newly released autobiography, named Ithaki, the ex- prime minister Tsipras pulls no punches as he reflects on the chaotic period of Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras appointed the unorthodox economist Yanis Varoufakis as his finance minister largely because of the latter's international reputation and his very persuasive skills as a public orator.
“In reality, he was, truthfully, more like a celebrity and less of an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader suggests that Varoufakis possessed his own agenda which involved promoting Varoufakis's publications as well as experimenting with his own game theories using the nation instead of truly advocating its economic stability.
He explained how the discussions to prevent bankruptcy were “not only a way to secure a better deal for the country. They became an experiment, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself perilously on the brink of exiting the single currency area.
At stake lay not only Greece's destiny and the severe austerity measures required in return for financial aid by international creditors.
Failed Options
Efforts to find financing from other sources, including an urgent appeal to Russia to buy Greek bonds, fell on stony ground.
Helping Greece was equivalent to throwing money into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, the excoriating conditions were subjected to a popular referendum, an action that plunged Europe into a further crisis of identity.
Even though the vote was carried resoundingly by those against the cuts, the prime minister was forced to reject its outcome and agree to a bailout package with creditors that turned out to be more severe.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who drew media attention, who appeared on the covers of publications globally … it seemed he relished the spotlight.”
After Varoufakis proposed a backup strategy involving establishing a parallel currency and issuing vouchers to retirees, Tsipras said he realised it was game over and asked him: “Are you serious?”
Lasting Rebuke
Within the book, the author asserts that Varoufakis had proved himself “unsuitable for a deal demanding intricate and sensitive management.”
He also wrote that Varoufakis's confrontational style left him more and more alone among peers, put Greece at risk, while helped hardliners who were pushing for a Greek exit from the euro.
The retelling of history has been met with fury and stunned disbelief among certain groups, whereas Varoufakis has maintained a deafening silence regarding these claims.
