Within his freshly published memoir, titled Ithaki, the ex- prime minister Tsipras spares no criticism as he reflects on the chaotic era during Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's account, Tsipras selected that unorthodox economist Yanis Varoufakis to be his treasury head mainly because of the latter's international reputation along with Varoufakis's “extremely attractive” abilities as a speaker.
“In reality, he was, in reality, more of a star rather than an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader claims that Varoufakis possessed his own agenda which included advancing Varoufakis's books and testing out his own game theories on the nation instead of genuinely advocating the country's economic stability.
He noted how the discussions to avoid insolvency were “not just a method of achieving a better deal for the country. They became a test, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During volatile discussions, the country came dangerously close to leaving the single currency area.
On the line was not only the country's future and the punishing austerity policies demanded in return for financial aid by international creditors.
Failed Options
Efforts to secure financing from other sources, including an urgent appeal to Russia to buy Greek bonds, were rejected.
Assisting Greece was equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, those harsh bailout terms were subjected to a popular referendum, an action which plunged the EU into a further existential crisis.
Even though the referendum was won decisively by those against the cuts, the prime minister was forced but to reject its outcome then agree to a bailout package from creditors which proved to be tougher.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency as well as distributing vouchers to pensioners, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras concludes that Varoufakis had proved himself “unfit for an agreement that required intricate and delicate handling.”
He further claimed that his confrontational style made him increasingly isolated among peers, put Greece at risk, while helped hawks who were advocating a Greek exit from the euro.
The account of history has provoked fury along with shock in some quarters, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
