In a freshly published personal account, titled Ithaki, the ex- leader Tsipras does not hold back as he examines that chaotic era during Greece's debt drama.
A Controversial Choice
As per the ex-PM's version, he chose the maverick economist Yanis Varoufakis to be the finance minister mainly because of the latter's international reputation along with his “extremely attractive” abilities when it came to public orator.
“He was, actually, more like a celebrity and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests that Varoufakis possessed a personal agenda which included advancing Varoufakis's books and testing out his game theories using the nation instead of genuinely fighting for its economic stability.
Tsipras explained how the negotiations to stave off insolvency were “not only a method to secure improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During volatile discussions, the country came dangerously close to exiting the eurozone.
At stake lay not only Greece's destiny and the severe cutbacks required in exchange for rescue loans by international creditors.
Unsuccessful Options
Efforts to find funds from other sources, such as a desperate appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum and Reversal
In July 2015, the harsh bailout terms were put to a public vote, a move which plunged the EU into a deeper existential crisis.
Even though the referendum was won decisively by those who opposed the cuts, the prime minister had little option to ignore the result and negotiate a rescue deal with foreign lenders which turned out to be more severe.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the face of negotiation, the figure who drew media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying his new role.”
When the minister proposed a backup strategy involving establishing a parallel currency and issuing coupons to pensioners, the leader said he realised it was the end questioning Varoufakis: “Can you be serious?”
Lasting Criticism
In the book, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for an agreement demanding complex and delicate handling.”
He also wrote how Varoufakis's confrontational style left him more and more alone among peers, put Greece at risk, and helped hardliners that were pushing for a Greek exit from the euro.
The account of history has provoked anger and stunned disbelief among certain groups, while the former minister has maintained a deafening silence on the matter.
