In a freshly published personal account, titled Ithaki, the ex- leader Tsipras spares no criticism while he reflects on that turbulent period of Greece's debt drama.
An Unconventional Choice
As per Tsipras's account, Tsipras appointed that maverick academic Yanis Varoufakis as his treasury head largely because of his global profile and Varoufakis's “extremely attractive” skills when it came to public orator.
“He was, in reality, more of a celebrity and less of an economist,” recalled Tsipras.
Conflicting Priorities
Tsipras alleges how his finance chief had a personal agenda which involved advancing his books as well as testing out his theories on Greece instead of truly advocating its economic stability.
Tsipras noted that those discussions to avoid insolvency were “not just a method to secure improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the validity of his theories.”
Critical Negotiations
Amid rollercoaster discussions, Greece found itself perilously on the brink of leaving the eurozone.
At stake was both the country's destiny and the severe cutbacks required in return for financial aid from international creditors.
Failed Alternatives
Efforts to find financing from other sources, such as an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those excoriating bailout terms were put to a public vote, an action which plunged the EU into a deeper crisis of identity.
Even though the referendum was carried resoundingly by voters against the cuts, the prime minister was forced to reject its outcome then negotiate a bailout package from creditors which turned out to be more severe.
Breaking Point
Tsipras claimed how he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who attracted media attention, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a contingency plan involving establishing a secondary currency as well as distributing coupons to retirees, the leader said he realised that it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unfit for a deal that required intricate and delicate management.”
He further wrote how his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners who were pushing for Grexit.
This account of history has provoked anger along with stunned disbelief among certain groups, whereas the former minister has so far maintained a deafening silence regarding these claims.
