In a recently unveiled memoir, called Ithaki, the ex- prime minister Tsipras spares no criticism while he examines the turbulent period of Greece's economic turmoil.
An Unconventional Appointment
According to the ex-PM's account, Tsipras chose that unorthodox economist Yanis Varoufakis to be his finance minister primarily due to his international reputation along with his highly compelling abilities as a communicator.
“He was, actually, more of a celebrity rather than an economic expert,” recalled Tsipras.
Conflicting Priorities
Tsipras alleges how Varoufakis possessed a personal agenda which included advancing his books and experimenting with his own theories on Greece rather than genuinely fighting for the country's financial survival.
Tsipras wrote that the negotiations to avoid insolvency were “not just a method of achieving a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of his economic theories.”
High-Stakes Talks
During rollercoaster discussions, the country found itself dangerously close to leaving the single currency area.
On the line was both the country's destiny but also those punishing austerity policies demanded in exchange for rescue loans from international creditors.
Unsuccessful Options
Attempts to secure funds from other sources, including an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Helping Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, the punitive bailout terms were put to a popular referendum, a move which plunged the EU into a deeper crisis of identity.
Although the referendum was won decisively by those who opposed austerity, Tsipras was forced to reject its outcome and agree to a bailout package from foreign lenders that turned out to be more severe.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who drew publicity, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a contingency plan involving establishing a parallel currency and issuing vouchers to retirees, the leader said he realised that it was the end questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, the author asserts that his former ally demonstrated himself “unsuitable for a deal demanding complex and sensitive management.”
He further claimed that Varoufakis's aggressive approach made him more and more alone among peers, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
This retelling of history has been met with anger along with shock among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.
