In a recently unveiled memoir, named Ithaki, the ex- premier Tsipras spares no criticism while he revisits the turbulent era of Greece's debt drama.
A Controversial Choice
As per the ex-PM's version, Tsipras chose that maverick academic Yanis Varoufakis to be the treasury head primarily because of his international reputation along with Varoufakis's highly compelling abilities as a speaker.
“He was, truthfully, more of a personality and less of an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras suggests that Varoufakis had his own agenda that included advancing Varoufakis's publications as well as experimenting with his own economic models using the nation rather than truly advocating its financial survival.
He explained that the negotiations to stave off insolvency became “not just a way of achieving improved terms for Greece. They became an experiment, an historic chance to demonstrate the truth of his ideas.”
High-Stakes Negotiations
Amid rollercoaster negotiations, the country found itself dangerously on the brink of leaving the single currency area.
At stake was not only Greece's destiny and the punishing austerity measures required in return for financial aid by foreign lenders.
Failed Options
Efforts to secure financing elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, those punitive conditions were subjected to a public vote, a move which threw Europe into a deeper crisis of identity.
Even though the referendum was won resoundingly by voters against austerity, the prime minister had little option but to reject its outcome and negotiate a rescue deal with foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who graced the front pages of magazines globally … he gave the impression he relished his new role.”
When Varoufakis proposed a backup strategy involving establishing a parallel currency as well as distributing vouchers to pensioners, Tsipras said he realised that it was game over questioning him: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras concludes how his former ally demonstrated himself to be “unfit for a deal demanding complex and sensitive handling.”
He also claimed that Varoufakis's aggressive approach made him more and more alone among peers, endangered the country, while assisted hawks who were pushing for Grexit.
The retelling of events has been met with anger and shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
