Within his newly released memoir, named Ithaki, the ex- premier Tsipras pulls no punches as he examines the chaotic era of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's recollections, Tsipras appointed that unorthodox academic Yanis Varoufakis to be the treasury head primarily due to his global profile along with Varoufakis's “extremely attractive” skills when it came to communicator.
“In reality, he was, truthfully, more of a personality and less of an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader suggests how his finance chief possessed his own agenda which involved advancing Varoufakis's books as well as experimenting with his own game theories using Greece instead of truly fighting for its financial survival.
Tsipras wrote that the talks to avoid bankruptcy were “not only a method to secure improved terms for the country. They became a test, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
Critical Talks
Amid volatile discussions, Greece came dangerously close to exiting the single currency area.
On the line was both the country's future but also those punishing cutbacks required in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Attempts to find funds elsewhere, including an urgent appeal to Russia to purchase Greek bonds, were rejected.
Helping Greece was tantamount to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, those excoriating bailout terms were subjected to a popular referendum, an action that plunged the EU into deeper existential crisis.
Even though the referendum was won decisively by those against the cuts, the prime minister was forced but to reject its outcome then agree to a rescue deal with foreign lenders which turned out to be more severe.
Breaking Point
Tsipras claimed that he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who appeared on the covers of publications globally … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy involving creating a secondary currency and issuing vouchers to pensioners, the leader said he realised it was game over questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, Tsipras asserts how his former ally demonstrated himself “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras also claimed how Varoufakis's aggressive approach made him increasingly isolated with colleagues, endangered the country, and helped hawks that were pushing for a Greek exit from the euro.
This account of history has provoked anger along with shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
