In a freshly published memoir, called Ithaki, the former prime minister Tsipras spares no criticism while he reflects on that chaotic period during Greece's debt drama.
A Controversial Appointment
As per Tsipras's account, he chose that maverick economist Yanis Varoufakis to be his treasury head primarily because of his global profile and his very persuasive abilities when it came to speaker.
“In reality, he was, actually, more of a star and less of an economist,” wrote the 51-year-old.
Conflicting Priorities
Tsipras claims how his finance chief possessed his own motives which included promoting Varoufakis's books as well as experimenting with his economic models using Greece rather than truly fighting for the country's financial survival.
He explained how the talks to stave off bankruptcy were “not just a way of achieving improved terms for Greece. They became a test, a monumental opportunity to prove the validity of Varoufakis's ideas.”
Critical Talks
Amid rollercoaster negotiations, the country came perilously on the brink of leaving the single currency area.
On the line lay not only the country's destiny and those harsh cutbacks demanded in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the harsh bailout terms were subjected to a popular referendum, a move which plunged the EU into a deeper crisis of identity.
Although the vote was carried resoundingly by voters against the cuts, the prime minister was forced to ignore the result and agree to a bailout package with creditors which proved to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the figure who drew media attention, who appeared on the covers of publications globally … he gave the impression he relished the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a secondary currency as well as distributing vouchers to retirees, Tsipras knew that it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, the author asserts that his former ally demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras further wrote how his aggressive approach left him more and more alone with colleagues, put Greece at risk, and assisted hawks who were advocating Grexit.
This account of history has provoked fury and shock among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
