In a newly released personal account, titled Ithaki, the ex- leader Tsipras spares no criticism as he revisits the turbulent era of Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's account, he selected the unorthodox academic Yanis Varoufakis to be the finance minister mainly due to the latter's global profile along with Varoufakis's very persuasive skills when it came to speaker.
“In reality, he was, truthfully, more like a star rather than an economic expert,” recalled Tsipras.
Clashing Priorities
Tsipras claims how Varoufakis possessed a personal agenda which involved advancing Varoufakis's publications as well as experimenting with his theories on the nation instead of genuinely advocating the country's economic stability.
He noted how those negotiations to avoid insolvency were “not only a method to secure improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster discussions, Greece came perilously close to leaving the eurozone.
At stake was not only Greece's future but also those punishing austerity policies demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Attempts to find financing elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum and Reversal
That summer, those harsh bailout terms were put to a popular referendum, a move that plunged Europe into a deeper crisis of identity.
Although the referendum was carried resoundingly by those who opposed the cuts, the prime minister was forced but to ignore the result then negotiate a bailout package with foreign lenders that turned out to be tougher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the man who attracted media attention, who graced the covers of publications globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy involving creating a parallel currency and distributing vouchers to retirees, Tsipras said he realised that it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
Within the memoir, the author asserts that his former ally demonstrated himself “unsuitable for an agreement demanding complex and sensitive handling.”
Tsipras also claimed how Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, and helped hardliners who were advocating Grexit.
This account of events has provoked anger and shock in some quarters, while the former minister has maintained a deafening silence regarding these claims.
