In a recently unveiled memoir, called Ithaki, the ex- premier Tsipras spares no criticism while he revisits the chaotic period of Greece's debt drama.
An Unconventional Appointment
In the ex-PM's account, he selected the maverick economist Yanis Varoufakis as his treasury head mainly due to the latter's international reputation and his highly compelling abilities as a communicator.
“He was, in reality, more of a celebrity rather than an economic expert,” recalled Tsipras.
Clashing Agendas
Tsipras claims how Varoufakis possessed his own motives that included advancing Varoufakis's books as well as testing out his own game theories on the nation rather than genuinely fighting for its financial survival.
Tsipras explained that those negotiations to avoid insolvency became “not only a method to secure improved terms for the country. They became a test, an historic chance to prove the truth of Varoufakis's economic theories.”
Critical Negotiations
During rollercoaster negotiations, the country found itself perilously on the brink of leaving the eurozone.
On the line lay both Greece's destiny and the punishing austerity measures required in return for financial aid by foreign lenders.
Failed Alternatives
Attempts to find financing elsewhere, including an urgent plea to Russia to buy Greek bonds, were rejected.
Helping the indebted country was equivalent to throwing money into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Public Vote and Reversal
That summer, those excoriating bailout terms were put to a public vote, an action which plunged Europe into a further existential crisis.
Although the referendum was won decisively by those who opposed the cuts, the prime minister was forced but to reject its outcome then agree to a rescue deal from creditors that turned out to be even harsher.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy involving creating a secondary currency as well as issuing vouchers to retirees, the leader knew it was game over and asked him: “Is this for real?”
Lasting Criticism
Within the book, the author asserts that Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and delicate management.”
He further wrote that his aggressive approach made him increasingly isolated among peers, endangered the country, while assisted hardliners who were pushing for a Greek exit from the euro.
This retelling of events has been met with fury and stunned disbelief in some quarters, while Varoufakis has so far kept a deafening silence regarding these claims.
