In a recently unveiled memoir, titled Ithaki, the ex- prime minister Tsipras spares no criticism while he reflects on the chaotic era during Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's account, he chose that unorthodox economist Yanis Varoufakis to be the treasury head primarily because of his worldwide fame along with his very persuasive skills when it came to public orator.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” stated Tsipras.
Clashing Priorities
Tsipras alleges how his finance chief had a personal agenda that included advancing his books and testing out his own theories on Greece instead of truly advocating the country's financial survival.
He noted how those negotiations to prevent insolvency were “not only a method to secure improved terms for Greece. They became an experiment, an historic chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid tense negotiations, Greece came dangerously close to leaving the single currency area.
At stake was not only Greece's future but also the punishing austerity measures required in return for financial aid from foreign lenders.
Unsuccessful Options
Attempts to secure financing from other sources, such as an urgent appeal to Russia to buy Greek government bonds, were rejected.
Helping the indebted country was equivalent to tossing cash in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, those harsh bailout terms were subjected to a public vote, an action that plunged Europe into a further existential crisis.
Although the referendum was won resoundingly by voters who opposed the cuts, Tsipras was forced to ignore the result and agree to a rescue deal from foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the man who attracted media attention, who graced the covers of publications the world over … it seemed he relished the spotlight.”
After the minister proposed a backup strategy that included creating a parallel currency and distributing coupons to pensioners, the leader knew that it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras concludes that his former ally demonstrated himself “unfit for a deal that required complex and delicate handling.”
He also wrote how Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, and helped hawks who were advocating a Greek exit from the euro.
This retelling of history has provoked anger along with shock in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
