Within his newly released memoir, called Ithaki, the former premier Tsipras spares no criticism as he revisits the chaotic era during Greece's debt drama.
An Unconventional Choice
According to Tsipras's recollections, he selected the unorthodox economist Yanis Varoufakis as his finance minister largely due to the latter's international reputation and Varoufakis's very persuasive abilities as a public orator.
“He was, in reality, more of a star rather than an economic expert,” stated the 51-year-old.
Clashing Priorities
Tsipras suggests how Varoufakis possessed his own agenda which involved promoting his publications and testing out his own theories on Greece instead of genuinely advocating the country's economic stability.
Tsipras explained how the discussions to stave off bankruptcy became “not only a way of achieving a better deal for Greece. They became an experiment, a monumental chance to demonstrate the truth of his theories.”
High-Stakes Talks
Amid volatile negotiations, the country came dangerously close to exiting the single currency area.
On the line lay not only Greece's destiny and those harsh austerity policies demanded in exchange for rescue loans from international creditors.
Unsuccessful Options
Attempts to secure financing elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, those excoriating bailout terms were put to a public vote, an action that threw the EU into a deeper existential crisis.
Even though the referendum was carried resoundingly by voters against the cuts, Tsipras had little option but to ignore the result then agree to a rescue deal from foreign lenders which proved to be even harsher.
Final Straw
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the man who attracted media attention, who appeared on the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency and distributing vouchers to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the memoir, the author concludes that his former ally demonstrated himself to be “unsuitable for an agreement demanding complex and delicate handling.”
He also wrote how Varoufakis's confrontational approach made him more and more alone with colleagues, endangered the country, and assisted hardliners who were advocating a Greek exit from the euro.
The retelling of history has been met with fury along with stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet regarding these claims.
