In a recently unveiled personal account, called Ithaki, the ex- leader Tsipras does not hold back while he examines that chaotic period of Greece's economic turmoil.
A Controversial Appointment
As per Tsipras's account, he appointed that maverick academic Yanis Varoufakis as his finance minister primarily because of the latter's global profile and Varoufakis's very persuasive skills as a public orator.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” recalled Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis possessed his own agenda which involved advancing his books and experimenting with his own game theories using Greece rather than truly fighting for its economic stability.
Tsipras wrote that those discussions to avoid bankruptcy were “not only a method to secure improved terms for Greece. They became an experiment, an historic chance to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid volatile discussions, the country found itself dangerously close to leaving the single currency area.
At stake was both Greece's future and those punishing austerity measures demanded in exchange for financial aid from foreign lenders.
Failed Alternatives
Efforts to find financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, those punitive bailout terms were subjected to a public vote, a move which plunged Europe into a further existential crisis.
Even though the referendum was won decisively by voters against austerity, Tsipras was forced but to reject its outcome then negotiate a bailout package with creditors that proved to be even harsher.
Final Straw
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the face of the talks, the figure who drew publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a contingency plan involving creating a parallel currency as well as distributing vouchers to pensioners, Tsipras knew that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for an agreement demanding intricate and sensitive handling.”
He further claimed how his confrontational approach made him more and more alone with colleagues, put Greece at risk, while helped hardliners that were pushing for Grexit.
This retelling of history has provoked fury and stunned disbelief in some quarters, whereas the former minister has so far maintained a conspicuous quiet on the matter.
