In a freshly published autobiography, called Ithaki, the ex- premier Tsipras spares no criticism while he revisits that chaotic period during Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's recollections, Tsipras appointed that maverick academic Yanis Varoufakis as his treasury head primarily because of his global profile along with his “extremely attractive” skills as a communicator.
“In reality, he was, actually, more of a personality and less of an economist,” wrote Tsipras.
Clashing Priorities
Tsipras suggests how Varoufakis had a personal agenda which involved promoting Varoufakis's books as well as testing out his own economic models using Greece rather than genuinely advocating its financial survival.
He wrote that the discussions to stave off insolvency were “not just a method to secure improved terms for Greece. They became an experiment, an historic chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
During volatile negotiations, the country found itself dangerously on the brink of leaving the eurozone.
On the line was both the country's destiny but also those severe austerity measures demanded in return for rescue loans from foreign lenders.
Failed Alternatives
Efforts to secure funds from other sources, including an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, those punitive conditions were subjected to a popular referendum, a move which threw the EU into further crisis of identity.
Even though the referendum was won decisively by those against the cuts, Tsipras had little option to reject its outcome then agree to a rescue deal with creditors that turned out to be even harsher.
Final Straw
The ex-PM claimed how he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who drew media attention, who appeared on the front pages of magazines the world over … it seemed he relished his new role.”
When the minister outlined a contingency plan that included establishing a secondary currency as well as distributing coupons to pensioners, Tsipras knew that it was game over and asked him: “Can you be serious?”
Enduring Criticism
Within the book, Tsipras asserts how Varoufakis demonstrated himself “unsuitable for a deal that required complex and sensitive handling.”
Tsipras also claimed how his confrontational approach left him increasingly isolated among peers, put Greece at risk, while assisted hawks that were pushing for Grexit.
The retelling of events has provoked anger along with shock among certain groups, while Varoufakis has maintained a deafening silence on the matter.
