In a newly released personal account, titled Ithaki, the ex- leader Tsipras pulls no punches as he revisits that chaotic period of Greece's debt drama.
A Controversial Appointment
As per Tsipras's account, he selected the maverick academic Yanis Varoufakis as his finance minister mainly due to his global profile along with Varoufakis's highly compelling skills when it came to public orator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader claims that Varoufakis had his own agenda which included promoting Varoufakis's publications and testing out his economic models on Greece instead of genuinely fighting for the country's economic stability.
He wrote how those talks to prevent insolvency were “not only a method of achieving improved terms for the country. They were a test, a monumental opportunity to demonstrate the validity of his theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself perilously on the brink of leaving the single currency area.
At stake lay both the country's future but also those punishing cutbacks demanded in return for bailout funds by foreign lenders.
Failed Alternatives
Attempts to secure funds from other sources, including an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, the excoriating bailout terms were subjected to a public vote, an action which threw the EU into deeper crisis of identity.
Although the vote was won decisively by voters against the cuts, Tsipras was forced but to reject its outcome then agree to a bailout package from creditors that turned out to be tougher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the covers of publications the world over … it seemed he relished his new role.”
When the minister outlined a contingency plan involving establishing a secondary currency and issuing coupons to pensioners, Tsipras said he realised it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, Tsipras asserts how his former ally had proved himself to be “unfit for an agreement that required complex and delicate management.”
Tsipras further claimed that his aggressive style made him more and more alone with colleagues, endangered the country, while assisted hawks that were advocating a Greek exit from the euro.
This retelling of events has been met with fury along with stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet on the matter.
