In a recently unveiled memoir, named Ithaki, the ex- leader Tsipras spares no criticism while he examines that turbulent era during Greece's financial crisis.
A Controversial Choice
As per the ex-PM's version, Tsipras selected the maverick economist Yanis Varoufakis to be his finance minister primarily because of the latter's global profile along with his very persuasive abilities when it came to public orator.
“He was, in reality, more of a star and less of an economic expert,” recalled Tsipras.
Clashing Agendas
Tsipras alleges that Varoufakis possessed his own agenda that included advancing his publications as well as experimenting with his own theories using the nation instead of truly fighting for the country's financial survival.
Tsipras explained how those negotiations to stave off insolvency were “not only a method of achieving a better deal for the country. They were an experiment, an historic opportunity to prove the truth of his ideas.”
High-Stakes Negotiations
During volatile discussions, Greece came perilously on the brink of exiting the single currency area.
At stake lay not only Greece's destiny and those harsh austerity policies required in return for rescue loans from foreign lenders.
Failed Options
Efforts to secure funds from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Assisting Greece would be equivalent to tossing cash into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, those excoriating bailout terms were subjected to a popular referendum, an action that plunged the EU into further existential crisis.
Although the vote was won decisively by those against the cuts, Tsipras had little option to ignore the result then agree to a rescue deal with foreign lenders that turned out to be even harsher.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
After Varoufakis proposed a contingency plan that included establishing a parallel currency as well as issuing vouchers to retirees, the leader knew it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
In the memoir, the author asserts how his former ally demonstrated himself to be “unsuitable for a deal that required intricate and sensitive handling.”
He also wrote how Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, while helped hardliners who were pushing for Grexit.
This account of events has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has maintained a conspicuous quiet on the matter.
