In a freshly published personal account, called Ithaki, the ex- prime minister Tsipras pulls no punches while he revisits the chaotic period during Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's account, he appointed that maverick academic Yanis Varoufakis as the treasury head mainly due to his international reputation along with his very persuasive skills as a speaker.
“He was, in reality, more like a star rather than an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader alleges how Varoufakis possessed a personal motives which involved promoting Varoufakis's books as well as experimenting with his theories on the nation rather than truly advocating its economic stability.
Tsipras explained how the negotiations to stave off bankruptcy became “not just a method to secure improved terms for the country. They were an experiment, an historic opportunity to demonstrate the validity of his theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country came dangerously on the brink of exiting the eurozone.
On the line lay not only Greece's future and the severe cutbacks required in exchange for financial aid by foreign lenders.
Unsuccessful Options
Attempts to find funds from other sources, including a desperate appeal to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, the punitive bailout terms were subjected to a popular referendum, an action which threw the EU into a further existential crisis.
Although the referendum was won resoundingly by voters against the cuts, the prime minister had little option but to reject its outcome then negotiate a bailout package with foreign lenders that proved to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When the minister proposed a contingency plan that included establishing a parallel currency and issuing vouchers to pensioners, Tsipras knew that it was game over and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, the author concludes that his former ally had proved himself to be “unsuitable for a deal that required complex and sensitive handling.”
He also claimed that Varoufakis's aggressive style made him more and more alone with colleagues, endangered the country, and assisted hardliners who were advocating a Greek exit from the euro.
This account of events has been met with fury and stunned disbelief in some quarters, while Varoufakis has so far kept a conspicuous quiet on the matter.
