In a freshly published personal account, titled Ithaki, the ex- prime minister Tsipras spares no criticism as he revisits the turbulent era during Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's account, he chose the maverick economist Yanis Varoufakis to be the finance minister primarily because of his global profile along with Varoufakis's highly compelling abilities as a communicator.
“In reality, he was, in reality, more like a personality and less of an economist,” stated the 51-year-old.
Clashing Agendas
Tsipras alleges that Varoufakis possessed a personal motives which included advancing Varoufakis's books and experimenting with his own economic models on the nation rather than genuinely advocating the country's economic stability.
Tsipras noted that the talks to stave off bankruptcy became “not only a way to secure a better deal for Greece. They were an experiment, a monumental opportunity to prove the truth of his economic theories.”
Critical Negotiations
Amid tense discussions, the country came perilously on the brink of exiting the single currency area.
On the line lay both Greece's future and those punishing austerity policies demanded in return for rescue loans from international creditors.
Failed Alternatives
Attempts to secure financing from other sources, including a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, the punitive bailout terms were subjected to a popular referendum, a move which plunged the EU into a deeper existential crisis.
Even though the referendum was carried resoundingly by those against austerity, Tsipras had little option to reject its outcome then agree to a rescue deal with creditors which turned out to be even harsher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who drew media attention, who appeared on the covers of magazines the world over … he gave the impression he relished the spotlight.”
When the minister outlined a contingency plan involving creating a secondary currency as well as issuing coupons to pensioners, Tsipras knew that it was game over questioning him: “Is this for real?”
Lasting Criticism
In the book, Tsipras concludes how Varoufakis had proved himself “unfit for a deal demanding intricate and delicate management.”
Tsipras also wrote that Varoufakis's confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating Grexit.
This retelling of history has been met with anger along with shock among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.
