Within his recently unveiled personal account, titled Ithaki, the former prime minister Tsipras spares no criticism while he reflects on that chaotic period during Greece's debt drama.
An Unconventional Choice
As per Tsipras's version, he appointed that unorthodox economist Yanis Varoufakis as his treasury head primarily because of the latter's international reputation and Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader alleges that Varoufakis possessed his own agenda which included promoting his publications as well as experimenting with his own economic models on Greece instead of truly advocating the country's economic stability.
Tsipras explained how those discussions to avoid insolvency became “not just a method to secure improved terms for the country. They were a test, an historic chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
During volatile discussions, Greece found itself perilously on the brink of leaving the single currency area.
On the line was both Greece's future and those harsh cutbacks demanded in exchange for financial aid from foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, including a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country would be equivalent to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those harsh conditions were subjected to a public vote, a move that plunged Europe into a deeper crisis of identity.
Even though the vote was carried decisively by those who opposed the cuts, the prime minister had little option but to ignore the result then negotiate a rescue deal with foreign lenders which turned out to be more severe.
Final Straw
The ex-PM claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who graced the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy that included establishing a secondary currency and issuing coupons to retirees, the leader knew that it was game over questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras asserts that Varoufakis had proved himself to be “unfit for a deal demanding intricate and sensitive handling.”
He further claimed how Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were advocating a Greek exit from the euro.
This account of history has provoked anger and stunned disbelief in some quarters, whereas Varoufakis has maintained a conspicuous quiet on the matter.
