In a newly released memoir, called Ithaki, the ex- premier Tsipras spares no criticism as he reflects on the chaotic era of Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's account, he chose the maverick economist Yanis Varoufakis to be his finance minister mainly because of his worldwide fame and his “extremely attractive” abilities when it came to speaker.
“In reality, he was, truthfully, more of a star and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests that his finance chief had his own agenda that involved promoting Varoufakis's books and experimenting with his own theories using the nation rather than genuinely advocating its economic stability.
He explained how the discussions to prevent insolvency were “not only a way to secure improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
Amid rollercoaster negotiations, Greece came dangerously close to exiting the single currency area.
At stake was both Greece's destiny and the punishing austerity measures required in exchange for financial aid by international creditors.
Failed Alternatives
Attempts to find financing elsewhere, including a desperate plea to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those excoriating bailout terms were put to a popular referendum, a move that threw Europe into a deeper crisis of identity.
Even though the vote was carried resoundingly by voters against the cuts, the prime minister had little option but to reject its outcome and agree to a rescue deal from foreign lenders which turned out to be even harsher.
Final Straw
Tsipras claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who drew media attention, who graced the covers of publications the world over … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a backup strategy that included creating a secondary currency and distributing vouchers to pensioners, the leader said he realised it was game over and asked him: “Is this for real?”
Enduring Rebuke
Within the memoir, the author asserts that his former ally demonstrated himself “unfit for an agreement that required intricate and delicate management.”
Tsipras further wrote that Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were pushing for Grexit.
This retelling of history has been met with anger along with stunned disbelief among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
