Within his freshly published personal account, called Ithaki, the former prime minister Tsipras does not hold back as he reflects on that chaotic era during Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, Tsipras selected the unorthodox economist Yanis Varoufakis as his treasury head primarily due to the latter's worldwide fame and Varoufakis's very persuasive skills as a public orator.
“He was, actually, more of a star rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader alleges that Varoufakis had his own motives that involved promoting Varoufakis's publications as well as experimenting with his own economic models on the nation rather than genuinely advocating the country's economic stability.
Tsipras explained that those negotiations to avoid insolvency became “not only a way to secure improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the truth of his ideas.”
Critical Negotiations
Amid rollercoaster negotiations, the country came dangerously on the brink of leaving the eurozone.
At stake lay not only Greece's future and those harsh austerity measures demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, such as an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, the excoriating bailout terms were put to a popular referendum, an action which threw the EU into further existential crisis.
Even though the vote was carried decisively by those against austerity, Tsipras was forced to reject its outcome and agree to a bailout package with creditors which turned out to be even harsher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he relished his new role.”
After the minister proposed a contingency plan that included creating a parallel currency and distributing vouchers to retirees, Tsipras said he realised it was game over questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, the author concludes that Varoufakis had proved himself to be “unsuitable for a deal demanding complex and delicate handling.”
He also wrote that his confrontational style left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were advocating Grexit.
This account of history has provoked anger along with stunned disbelief in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
