In a newly released memoir, called Ithaki, the former leader Tsipras pulls no punches while he examines the turbulent era during Greece's debt drama.
A Controversial Choice
In Tsipras's account, he appointed the maverick academic Yanis Varoufakis as his treasury head mainly because of the latter's global profile and Varoufakis's highly compelling skills when it came to speaker.
“In reality, he was, truthfully, more like a star rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests that Varoufakis possessed a personal motives that included advancing Varoufakis's books as well as testing out his theories using Greece rather than truly fighting for the country's economic stability.
Tsipras wrote that those talks to stave off insolvency were “not only a way to secure improved terms for the country. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”
Critical Talks
During rollercoaster discussions, the country came dangerously close to exiting the eurozone.
At stake lay both Greece's future but also the severe austerity policies required in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds from other sources, such as an urgent appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, the harsh conditions were put to a public vote, an action that plunged the EU into a further crisis of identity.
Although the referendum was carried resoundingly by those against the cuts, Tsipras had little option to reject its outcome then negotiate a bailout package with creditors which proved to be tougher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis quite early on.
“He was the face of the talks, the figure who drew publicity, who graced the front pages of magazines the world over … he gave the impression he relished his new role.”
After Varoufakis proposed a contingency plan that included creating a secondary currency as well as distributing vouchers to retirees, Tsipras knew that it was game over questioning him: “Are you serious?”
Enduring Criticism
Within the book, Tsipras concludes how Varoufakis demonstrated himself “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras also claimed how Varoufakis's confrontational style left him more and more alone among peers, endangered the country, while helped hawks who were pushing for Grexit.
The account of events has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.
