In a freshly published memoir, titled Ithaki, the ex- premier Tsipras spares no criticism as he examines that turbulent period during Greece's financial crisis.
A Controversial Choice
As per Tsipras's account, he selected that unorthodox academic Yanis Varoufakis as the treasury head largely due to his worldwide fame along with Varoufakis's very persuasive skills when it came to public orator.
“In reality, he was, truthfully, more like a star rather than an economist,” wrote Tsipras.
Clashing Priorities
The former leader alleges how Varoufakis possessed his own motives which included advancing Varoufakis's books and experimenting with his own theories on Greece instead of genuinely fighting for its financial survival.
He explained that the talks to prevent bankruptcy were “not just a way to secure a better deal for the country. They were a test, an historic opportunity to prove the validity of his theories.”
Critical Negotiations
Amid tense discussions, the country found itself dangerously close to leaving the eurozone.
At stake was not only Greece's future but also the severe austerity measures required in return for rescue loans from international creditors.
Failed Alternatives
Attempts to find funds from other sources, including a desperate plea to Russia to buy Greek bonds, fell on stony ground.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, the excoriating bailout terms were subjected to a popular referendum, an action which threw Europe into a further existential crisis.
Even though the referendum was carried resoundingly by voters who opposed the cuts, the prime minister had little option but to ignore the result and negotiate a rescue deal from creditors that proved to be even harsher.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“He was the public image of negotiation, the figure who drew media attention, who graced the covers of publications the world over … it seemed he was enjoying his new role.”
When the minister outlined a contingency plan involving establishing a parallel currency and distributing vouchers to pensioners, Tsipras knew it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, the author concludes that his former ally demonstrated himself “unfit for an agreement demanding intricate and sensitive management.”
He also claimed that his confrontational style left him increasingly isolated among peers, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
This retelling of events has been met with anger and shock in some quarters, while Varoufakis has so far kept a conspicuous quiet on the matter.
