Within his freshly published memoir, named Ithaki, the former leader Tsipras spares no criticism while he revisits that turbulent period of Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's version, he selected the unorthodox economist Yanis Varoufakis to be his treasury head mainly because of the latter's international reputation along with Varoufakis's very persuasive abilities as a public orator.
“He was, in reality, more like a star rather than an economist,” recalled Tsipras.
Clashing Agendas
Tsipras suggests that Varoufakis had a personal agenda that involved promoting Varoufakis's books and testing out his own economic models on the nation rather than genuinely fighting for the country's financial survival.
Tsipras explained that those negotiations to avoid insolvency were “not only a method to secure a better deal for Greece. They were an experiment, an historic chance to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During tense discussions, the country found itself perilously on the brink of exiting the eurozone.
On the line lay not only the country's destiny and those harsh austerity measures demanded in exchange for bailout funds from international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, such as a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, those punitive conditions were put to a popular referendum, an action which threw the EU into a deeper existential crisis.
Even though the vote was carried resoundingly by those who opposed the cuts, the prime minister was forced to ignore the result then negotiate a bailout package with creditors which turned out to be tougher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who drew media attention, who graced the covers of magazines the world over … he gave the impression he relished the spotlight.”
When the minister outlined a backup strategy that included establishing a parallel currency and issuing coupons to retirees, the leader knew it was game over questioning him: “Is this for real?”
Enduring Rebuke
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself “unfit for a deal that required complex and delicate handling.”
He also wrote how his aggressive style made him more and more alone with colleagues, endangered the country, and assisted hawks who were advocating Grexit.
The account of history has provoked anger along with shock in some quarters, while the former minister has maintained a deafening silence on the matter.
