In a recently unveiled autobiography, titled Ithaki, the ex- prime minister Tsipras pulls no punches while he reflects on that turbulent era of Greece's debt drama.
A Controversial Appointment
According to Tsipras's recollections, he selected that unorthodox academic Yanis Varoufakis to be his finance minister mainly due to his global profile along with Varoufakis's very persuasive skills when it came to speaker.
“In reality, he was, in reality, more like a star rather than an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader alleges that his finance chief possessed his own motives which included advancing his books and experimenting with his game theories on Greece rather than truly fighting for the country's economic stability.
Tsipras noted how the talks to prevent bankruptcy became “not only a way to secure improved terms for Greece. They became a test, a monumental chance to prove the truth of his ideas.”
Critical Negotiations
During tense discussions, Greece found itself perilously close to exiting the single currency area.
On the line lay not only Greece's destiny but also the harsh austerity policies required in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to secure funds elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece would be tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a public vote, an action that threw the EU into deeper existential crisis.
Even though the vote was carried decisively by voters against austerity, the prime minister had little option but to ignore the result and agree to a rescue deal with creditors which proved to be more severe.
Final Straw
The ex-PM claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency as well as distributing vouchers to retirees, Tsipras said he realised that it was the end and asked him: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras concludes that Varoufakis demonstrated himself “unfit for a deal demanding intricate and sensitive management.”
He also wrote that Varoufakis's aggressive style made him more and more alone among peers, endangered the country, and assisted hardliners who were pushing for a Greek exit from the euro.
The account of history has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
