In a recently unveiled memoir, called Ithaki, the ex- prime minister Tsipras pulls no punches while he reflects on the chaotic era during Greece's debt drama.
A Controversial Appointment
In Tsipras's recollections, Tsipras chose the unorthodox economist Yanis Varoufakis as his finance minister largely due to his worldwide fame and Varoufakis's “extremely attractive” abilities when it came to speaker.
“In reality, he was, actually, more of a personality rather than an economic expert,” recalled the 51-year-old.
Clashing Priorities
Tsipras suggests how Varoufakis had a personal agenda that involved promoting his books and experimenting with his own theories on the nation rather than truly fighting for its financial survival.
Tsipras noted that the discussions to prevent insolvency were “not only a method of achieving a better deal for the country. They became a test, an historic chance to demonstrate the truth of his theories.”
Critical Negotiations
Amid tense negotiations, Greece found itself perilously on the brink of exiting the single currency area.
At stake was both the country's future and those harsh austerity measures required in return for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including an urgent plea to Russia to buy Greek bonds, were rejected.
Assisting Greece was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, those excoriating bailout terms were put to a popular referendum, a move which plunged Europe into a deeper existential crisis.
Even though the vote was won decisively by those against austerity, the prime minister was forced but to reject its outcome then agree to a rescue deal with foreign lenders that proved to be more severe.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who drew publicity, who appeared on the front pages of publications globally … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a contingency plan involving establishing a parallel currency and issuing vouchers to pensioners, the leader said he realised it was game over questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, Tsipras concludes how his former ally demonstrated himself “unsuitable for a deal demanding intricate and sensitive handling.”
Tsipras also claimed how Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were pushing for Grexit.
The retelling of events has been met with fury along with stunned disbelief in some quarters, whereas the former minister has maintained a deafening silence on the matter.
