In a recently unveiled memoir, titled Ithaki, the ex- premier Tsipras spares no criticism as he revisits that chaotic era of Greece's debt drama.
A Controversial Appointment
As per the ex-PM's recollections, he selected the unorthodox academic Yanis Varoufakis as the treasury head largely because of the latter's international reputation along with Varoufakis's highly compelling skills when it came to public orator.
“He was, actually, more of a star and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras claims how his finance chief possessed his own agenda which included promoting his publications and experimenting with his economic models using Greece instead of truly fighting for the country's financial survival.
He noted how the discussions to prevent insolvency became “not only a method of achieving a better deal for Greece. They became an experiment, a monumental chance to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile discussions, the country came perilously close to leaving the single currency area.
On the line lay not only the country's future but also those severe austerity measures required in return for bailout funds from international creditors.
Failed Options
Efforts to secure financing from other sources, such as a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.
Assisting Greece would be tantamount to throwing money in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, those excoriating conditions were subjected to a public vote, an action that plunged Europe into a deeper crisis of identity.
Although the vote was won decisively by those against austerity, the prime minister was forced but to reject its outcome then agree to a rescue deal with creditors which proved to be even harsher.
Final Straw
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew publicity, who appeared on the covers of magazines globally … it seemed he relished his new role.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as issuing coupons to retirees, the leader said he realised that it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author concludes that Varoufakis had proved himself “unsuitable for an agreement that required complex and delicate handling.”
Tsipras further claimed how Varoufakis's confrontational style left him more and more alone among peers, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
The retelling of events has provoked fury and shock among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
