In a newly released personal account, called Ithaki, the former premier Tsipras spares no criticism as he revisits that chaotic era of Greece's debt drama.
A Controversial Appointment
In Tsipras's recollections, he appointed that unorthodox economist Yanis Varoufakis to be the finance minister largely because of the latter's international reputation along with his very persuasive abilities when it came to speaker.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis had a personal motives that included promoting his books and testing out his economic models on the nation instead of truly advocating the country's economic stability.
He noted that those negotiations to prevent insolvency became “not just a way to secure a better deal for the country. They were an experiment, an historic chance to prove the truth of his ideas.”
Critical Negotiations
During volatile negotiations, Greece came perilously close to exiting the single currency area.
On the line lay not only Greece's destiny but also the harsh austerity measures required in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as a desperate plea to Russia to buy Greek bonds, were rejected.
Assisting Greece was tantamount to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, those excoriating bailout terms were subjected to a popular referendum, an action which threw Europe into a further crisis of identity.
Although the vote was carried decisively by voters against the cuts, Tsipras had little option to ignore the result and negotiate a bailout package with creditors that proved to be tougher.
Final Straw
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the figure who drew publicity, who graced the covers of magazines globally … he gave the impression he relished the spotlight.”
After the minister outlined a backup strategy that included establishing a secondary currency as well as issuing vouchers to retirees, Tsipras knew that it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, Tsipras asserts that his former ally demonstrated himself to be “unfit for an agreement demanding intricate and delicate management.”
He further wrote how his aggressive approach left him more and more alone with colleagues, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
This retelling of history has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
