In a freshly published personal account, titled Ithaki, the ex- premier Tsipras pulls no punches as he reflects on that chaotic era during Greece's debt drama.
An Unconventional Choice
As per the ex-PM's account, Tsipras appointed the maverick academic Yanis Varoufakis as his finance minister primarily because of his global profile and Varoufakis's highly compelling skills when it came to public orator.
“He was, truthfully, more like a celebrity and less of an economic expert,” stated Tsipras.
Clashing Priorities
Tsipras suggests that Varoufakis possessed his own agenda that included promoting his publications and testing out his game theories on the nation rather than truly fighting for its economic stability.
Tsipras wrote that those talks to prevent bankruptcy became “not only a way of achieving a better deal for the country. They became a test, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid volatile negotiations, Greece found itself dangerously close to leaving the single currency area.
On the line was both the country's future and the harsh cutbacks demanded in return for bailout funds from international creditors.
Failed Alternatives
Efforts to secure financing from other sources, including a desperate plea to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were put to a public vote, an action which plunged Europe into a further existential crisis.
Although the vote was won resoundingly by voters who opposed austerity, Tsipras had little option but to reject its outcome then negotiate a bailout package from foreign lenders which turned out to be more severe.
Breaking Point
Tsipras revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who drew publicity, who appeared on the covers of magazines the world over … it seemed he relished the spotlight.”
After the minister proposed a contingency plan involving establishing a parallel currency and issuing vouchers to retirees, the leader knew it was game over questioning him: “Is this for real?”
Lasting Rebuke
In the book, the author asserts how his former ally demonstrated himself to be “unfit for a deal that required intricate and sensitive handling.”
Tsipras also wrote that Varoufakis's aggressive style made him more and more alone among peers, endangered the country, while helped hawks who were advocating Grexit.
The account of history has provoked fury and shock in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
