Within his newly released personal account, titled Ithaki, the ex- leader Tsipras spares no criticism while he examines that turbulent period of Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's version, he selected that maverick academic Yanis Varoufakis as his finance minister primarily because of the latter's global profile along with Varoufakis's “extremely attractive” skills as a communicator.
“He was, in reality, more like a star and less of an economist,” stated Tsipras.
Conflicting Priorities
Tsipras suggests that his finance chief possessed a personal agenda that included advancing Varoufakis's books as well as testing out his economic models using Greece instead of genuinely fighting for the country's economic stability.
He wrote that the negotiations to avoid insolvency were “not only a method to secure improved terms for the country. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid volatile discussions, the country found itself perilously close to leaving the single currency area.
At stake was both Greece's destiny but also the severe cutbacks demanded in return for financial aid by foreign lenders.
Failed Options
Attempts to find financing from other sources, such as a desperate plea to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, those punitive bailout terms were subjected to a public vote, a move which threw Europe into deeper crisis of identity.
Even though the referendum was won resoundingly by those against austerity, Tsipras was forced but to ignore the result then negotiate a rescue deal with creditors that proved to be more severe.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the figure who attracted publicity, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy that included establishing a parallel currency as well as distributing coupons to pensioners, Tsipras said he realised that it was the end and asked him: “Are you serious?”
Lasting Rebuke
In the memoir, the author asserts that his former ally demonstrated himself “unfit for a deal that required intricate and sensitive management.”
He further claimed how his confrontational style made him more and more alone among peers, endangered the country, and assisted hardliners that were pushing for Grexit.
The account of history has provoked anger and shock in some quarters, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
