In a freshly published memoir, named Ithaki, the former premier Tsipras does not hold back while he revisits that chaotic era during Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's version, Tsipras chose that unorthodox economist Yanis Varoufakis to be the treasury head primarily because of his worldwide fame along with Varoufakis's “extremely attractive” skills as a communicator.
“He was, in reality, more like a personality and less of an economist,” recalled Tsipras.
Clashing Priorities
Tsipras alleges that Varoufakis had a personal motives which involved promoting his publications as well as testing out his economic models using Greece instead of genuinely advocating the country's economic stability.
Tsipras wrote how the negotiations to stave off insolvency were “not only a method of achieving improved terms for Greece. They were an experiment, an historic chance to prove the truth of Varoufakis's economic theories.”
Critical Negotiations
During rollercoaster discussions, the country found itself dangerously on the brink of exiting the eurozone.
On the line lay not only Greece's future and those harsh cutbacks demanded in return for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, such as a desperate plea to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh bailout terms were subjected to a public vote, a move that plunged the EU into a further crisis of identity.
Although the vote was won decisively by voters who opposed austerity, the prime minister had little option but to ignore the result and agree to a rescue deal with creditors which proved to be even harsher.
Final Straw
The ex-PM claimed that he started questioning his finance minister relatively soon.
“He was the public image of the talks, the figure who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying his new role.”
When the minister proposed a contingency plan involving establishing a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the book, Tsipras concludes that Varoufakis demonstrated himself “unfit for a deal demanding complex and delicate handling.”
Tsipras further claimed how his confrontational approach made him increasingly isolated among peers, endangered the country, while assisted hardliners who were pushing for Grexit.
The account of history has provoked anger along with shock in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.
