In a newly released memoir, titled Ithaki, the former leader Tsipras spares no criticism as he examines that chaotic period of Greece's debt drama.
A Controversial Choice
According to Tsipras's version, Tsipras chose that unorthodox economist Yanis Varoufakis to be his treasury head primarily due to the latter's global profile and his “extremely attractive” skills when it came to speaker.
“In reality, he was, in reality, more like a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader alleges how Varoufakis had a personal agenda that included promoting Varoufakis's publications as well as testing out his own economic models on Greece rather than genuinely fighting for the country's financial survival.
He explained that those discussions to stave off bankruptcy became “not only a method of achieving improved terms for the country. They were a test, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
During rollercoaster negotiations, the country came dangerously on the brink of exiting the single currency area.
At stake was not only the country's future but also the punishing austerity policies demanded in return for bailout funds by foreign lenders.
Failed Alternatives
Efforts to find financing from other sources, including a desperate appeal to Russia to buy Greek government bonds, were rejected.
Assisting Greece was equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote and Reversal
In July 2015, those excoriating bailout terms were subjected to a public vote, a move that plunged the EU into a further crisis of identity.
Even though the referendum was carried decisively by those against the cuts, the prime minister was forced but to ignore the result then negotiate a rescue deal with foreign lenders that turned out to be more severe.
Final Straw
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who graced the front pages of publications globally … he gave the impression he relished his new role.”
When the minister outlined a backup strategy involving establishing a parallel currency as well as issuing coupons to pensioners, Tsipras knew it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, Tsipras concludes that Varoufakis demonstrated himself “unsuitable for a deal that required complex and sensitive management.”
He also claimed how Varoufakis's confrontational style made him increasingly isolated among peers, endangered the country, while assisted hawks that were advocating Grexit.
The retelling of events has provoked anger and shock among certain groups, while the former minister has kept a conspicuous quiet on the matter.
