In a freshly published personal account, titled Ithaki, the former leader Tsipras pulls no punches while he reflects on that chaotic era of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's recollections, Tsipras appointed the maverick academic Yanis Varoufakis to be the finance minister primarily because of his international reputation and his very persuasive skills as a speaker.
“He was, in reality, more like a personality and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras suggests how Varoufakis possessed his own agenda that involved advancing his publications and experimenting with his own theories on Greece rather than genuinely advocating its economic stability.
Tsipras noted how the talks to stave off insolvency were “not only a way of achieving improved terms for the country. They were a test, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid volatile negotiations, Greece came perilously close to exiting the single currency area.
On the line lay both Greece's destiny and those harsh austerity measures demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to secure funds elsewhere, including a desperate appeal to Russia to purchase Greek bonds, were rejected.
Helping Greece was equivalent to tossing cash in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, the punitive conditions were subjected to a public vote, an action that plunged the EU into a further crisis of identity.
Although the referendum was won resoundingly by voters against austerity, Tsipras was forced but to reject its outcome and agree to a bailout package with creditors that proved to be more severe.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the man who drew publicity, who graced the front pages of publications the world over … he gave the impression he relished the spotlight.”
When Varoufakis proposed a backup strategy that included creating a parallel currency and distributing vouchers to retirees, Tsipras knew that it was the end questioning him: “Are you serious?”
Enduring Criticism
Within the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and sensitive handling.”
Tsipras further wrote that Varoufakis's aggressive style left him more and more alone among peers, endangered the country, while helped hawks that were pushing for Grexit.
This account of events has been met with anger and shock in some quarters, whereas Varoufakis has maintained a deafening silence on the matter.
