In a recently unveiled personal account, named Ithaki, the former premier Tsipras spares no criticism as he revisits the chaotic period of Greece's debt drama.
A Controversial Choice
According to the ex-PM's recollections, Tsipras appointed that unorthodox economist Yanis Varoufakis as his treasury head primarily because of his international reputation and Varoufakis's highly compelling skills as a communicator.
“He was, in reality, more of a star rather than an economist,” stated the 51-year-old.
Clashing Priorities
Tsipras alleges how his finance chief possessed a personal agenda that involved advancing his books and testing out his economic models on Greece rather than truly fighting for its financial survival.
He explained that those negotiations to avoid bankruptcy were “not just a method to secure improved terms for Greece. They were a test, an historic chance to demonstrate the truth of his economic theories.”
High-Stakes Talks
Amid rollercoaster discussions, Greece found itself perilously on the brink of leaving the single currency area.
At stake was not only the country's future but also the harsh cutbacks demanded in return for financial aid by foreign lenders.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece would be tantamount to tossing cash into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, those punitive bailout terms were put to a popular referendum, a move that plunged Europe into a deeper crisis of identity.
Even though the vote was won decisively by voters who opposed the cuts, Tsipras was forced but to ignore the result then negotiate a bailout package from foreign lenders that proved to be even harsher.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who drew media attention, who graced the covers of publications globally … he gave the impression he relished the spotlight.”
When the minister outlined a backup strategy involving creating a secondary currency and issuing vouchers to pensioners, the leader said he realised it was the end questioning Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, the author concludes that his former ally demonstrated himself “unfit for an agreement that required complex and sensitive handling.”
Tsipras further claimed that his confrontational approach left him more and more alone among peers, put Greece at risk, and assisted hawks that were advocating Grexit.
This retelling of events has been met with anger along with stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence regarding these claims.
