In a freshly published memoir, titled Ithaki, the former premier Tsipras does not hold back as he examines that chaotic era during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's recollections, he selected the unorthodox academic Yanis Varoufakis to be his finance minister largely because of the latter's global profile along with Varoufakis's very persuasive skills as a public orator.
“He was, in reality, more of a celebrity rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras claims that Varoufakis had a personal agenda which involved advancing his books and testing out his own theories on Greece instead of genuinely fighting for its financial survival.
Tsipras noted how those negotiations to stave off bankruptcy became “not only a way to secure a better deal for the country. They were a test, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
Critical Talks
Amid tense negotiations, the country came dangerously on the brink of leaving the eurozone.
On the line lay not only the country's destiny and those punishing austerity measures required in exchange for financial aid by international creditors.
Failed Alternatives
Attempts to find funds elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, the punitive bailout terms were subjected to a public vote, an action which threw the EU into a further crisis of identity.
Although the referendum was carried decisively by those against the cuts, Tsipras had little option but to reject its outcome then negotiate a bailout package from creditors which turned out to be even harsher.
Final Straw
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of publications the world over … it seemed he relished his new role.”
After the minister proposed a contingency plan that included creating a parallel currency and issuing vouchers to pensioners, Tsipras knew it was the end and asked him: “Are you serious?”
Enduring Criticism
Within the memoir, the author concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive handling.”
Tsipras further claimed that his confrontational approach made him more and more alone with colleagues, put Greece at risk, while assisted hardliners that were advocating Grexit.
The retelling of events has provoked fury and stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.
