Within his freshly published memoir, titled Ithaki, the former premier Tsipras spares no criticism while he revisits the chaotic period during Greece's debt drama.
A Controversial Choice
According to Tsipras's account, he selected that maverick economist Yanis Varoufakis as his finance minister primarily because of his international reputation along with Varoufakis's very persuasive abilities as a public orator.
“He was, actually, more of a personality rather than an economic expert,” recalled Tsipras.
Conflicting Priorities
Tsipras claims that his finance chief possessed his own agenda that involved promoting Varoufakis's books as well as testing out his theories using Greece rather than genuinely advocating the country's financial survival.
He wrote how the talks to prevent bankruptcy became “not just a way to secure a better deal for the country. They became an experiment, a monumental opportunity to prove the validity of his theories.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece found itself dangerously close to exiting the single currency area.
On the line was both the country's destiny but also those punishing cutbacks demanded in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to find financing elsewhere, such as a desperate plea to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, those punitive conditions were put to a public vote, a move that threw the EU into a further existential crisis.
Even though the referendum was won resoundingly by voters against the cuts, the prime minister had little option but to reject its outcome and negotiate a bailout package with creditors which turned out to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister quite early on.
“He was the face of negotiation, the man who attracted media attention, who appeared on the front pages of publications globally … it seemed he was enjoying the spotlight.”
After the minister proposed a contingency plan that included establishing a secondary currency and issuing vouchers to retirees, the leader knew that it was the end questioning Varoufakis: “Can you be serious?”
Enduring Criticism
In the book, the author asserts how Varoufakis demonstrated himself “unsuitable for an agreement demanding intricate and delicate management.”
He further claimed that Varoufakis's aggressive approach left him increasingly isolated with colleagues, endangered the country, and assisted hawks that were advocating a Greek exit from the euro.
The retelling of history has been met with anger and stunned disbelief in some quarters, whereas the former minister has so far maintained a conspicuous quiet regarding these claims.
