Within his recently unveiled memoir, called Ithaki, the ex- premier Tsipras spares no criticism while he revisits that chaotic period of Greece's financial crisis.
A Controversial Choice
As per Tsipras's recollections, Tsipras selected the maverick economist Yanis Varoufakis as his treasury head mainly due to the latter's global profile along with his highly compelling skills as a communicator.
“In reality, he was, actually, more of a personality and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras claims how Varoufakis possessed his own motives that included promoting Varoufakis's publications and testing out his own theories on Greece rather than truly fighting for its financial survival.
He wrote how the talks to avoid insolvency were “not just a way to secure improved terms for the country. They became an experiment, an historic opportunity to demonstrate the truth of his economic theories.”
Critical Negotiations
During volatile discussions, the country came perilously close to exiting the eurozone.
At stake lay not only the country's future but also those severe austerity policies required in return for rescue loans from international creditors.
Unsuccessful Options
Attempts to find funds elsewhere, such as an urgent plea to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those excoriating bailout terms were subjected to a public vote, an action which plunged the EU into further existential crisis.
Even though the referendum was carried decisively by those who opposed austerity, the prime minister was forced but to ignore the result then negotiate a bailout package from creditors which proved to be more severe.
Final Straw
Tsipras revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy involving establishing a secondary currency as well as issuing vouchers to retirees, the leader said he realised that it was game over and asked Varoufakis: “Is this for real?”
Enduring Rebuke
In the memoir, Tsipras asserts how Varoufakis had proved himself “unsuitable for a deal that required complex and sensitive management.”
Tsipras further claimed how his confrontational style left him more and more alone with colleagues, put Greece at risk, while assisted hawks that were pushing for Grexit.
This retelling of events has been met with fury along with shock in some quarters, while the former minister has kept a deafening silence on the matter.
