In a recently unveiled memoir, called Ithaki, the ex- leader Tsipras pulls no punches as he reflects on the chaotic era during Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's account, he selected the maverick economist Yanis Varoufakis to be his treasury head mainly due to his worldwide fame and Varoufakis's very persuasive skills as a public orator.
“In reality, he was, truthfully, more of a personality rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras suggests that his finance chief had his own agenda that involved advancing Varoufakis's books as well as testing out his game theories on Greece instead of truly advocating its financial survival.
He noted that those discussions to avoid bankruptcy became “not only a way to secure improved terms for Greece. They were a test, a monumental chance to demonstrate the truth of his ideas.”
Critical Negotiations
Amid rollercoaster discussions, Greece came dangerously on the brink of leaving the single currency area.
At stake was both the country's destiny and those harsh austerity policies required in return for rescue loans from international creditors.
Unsuccessful Options
Efforts to secure funds from other sources, such as an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, those excoriating bailout terms were put to a public vote, a move that threw Europe into a deeper existential crisis.
Even though the referendum was carried decisively by those against the cuts, Tsipras had little option to reject its outcome and negotiate a rescue deal with creditors that turned out to be even harsher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he relished the spotlight.”
When the minister proposed a contingency plan involving creating a secondary currency and distributing coupons to retirees, the leader knew that it was game over questioning him: “Are you serious?”
Enduring Rebuke
Within the book, Tsipras asserts how Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and sensitive handling.”
Tsipras also wrote how Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.
This retelling of events has provoked fury along with shock among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.
