In a recently unveiled memoir, titled Ithaki, the ex- premier Tsipras spares no criticism as he examines that turbulent period during Greece's financial crisis.
A Controversial Choice
According to Tsipras's version, he chose that unorthodox academic Yanis Varoufakis as the finance minister primarily due to the latter's international reputation and his “extremely attractive” abilities when it came to communicator.
“In reality, he was, actually, more like a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras alleges how his finance chief had his own motives which included advancing his publications and experimenting with his economic models using the nation rather than genuinely fighting for its financial survival.
He explained how those negotiations to avoid bankruptcy became “not only a method of achieving improved terms for the country. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
During rollercoaster discussions, the country came dangerously on the brink of exiting the single currency area.
At stake lay not only the country's destiny and those punishing austerity policies demanded in exchange for bailout funds from foreign lenders.
Failed Alternatives
Efforts to secure financing elsewhere, including an urgent plea to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece was equivalent to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, those punitive bailout terms were put to a public vote, a move that threw Europe into further crisis of identity.
Although the vote was carried decisively by those against the cuts, Tsipras was forced to reject its outcome and agree to a rescue deal from creditors which turned out to be more severe.
Breaking Point
Tsipras claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”
After the minister outlined a contingency plan that included establishing a parallel currency as well as issuing vouchers to retirees, Tsipras said he realised it was the end and asked him: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras asserts that Varoufakis had proved himself to be “unfit for an agreement demanding intricate and delicate management.”
He also claimed how his aggressive approach made him increasingly isolated among peers, endangered the country, while assisted hawks who were pushing for Grexit.
This account of history has provoked anger and shock among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
