Within his recently unveiled memoir, named Ithaki, the former prime minister Tsipras spares no criticism while he revisits that turbulent era of Greece's economic turmoil.
An Unconventional Appointment
According to the ex-PM's version, he selected that unorthodox academic Yanis Varoufakis to be his treasury head mainly because of the latter's global profile and Varoufakis's very persuasive abilities as a communicator.
“He was, truthfully, more like a celebrity and less of an economist,” stated Tsipras.
Clashing Priorities
The former leader suggests how Varoufakis possessed his own motives that involved promoting his publications and testing out his own economic models on Greece rather than genuinely advocating its financial survival.
He explained how the talks to prevent insolvency became “not only a way of achieving improved terms for the country. They became an experiment, an historic opportunity to prove the validity of his economic theories.”
Critical Talks
Amid rollercoaster negotiations, Greece came dangerously on the brink of exiting the eurozone.
On the line was both Greece's future but also the severe cutbacks required in return for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, such as an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, the punitive conditions were subjected to a popular referendum, a move which threw the EU into further existential crisis.
Although the referendum was carried resoundingly by those who opposed austerity, the prime minister had little option but to reject its outcome then agree to a bailout package with creditors which proved to be more severe.
Final Straw
Tsipras claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy that included creating a parallel currency and distributing coupons to pensioners, Tsipras knew it was game over and asked him: “Can you be serious?”
Enduring Criticism
In the memoir, the author concludes that his former ally demonstrated himself “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras also wrote how Varoufakis's confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were pushing for Grexit.
The retelling of history has provoked fury and shock in some quarters, whereas the former minister has maintained a conspicuous quiet on the matter.
