In a freshly published memoir, called Ithaki, the ex- premier Tsipras spares no criticism while he revisits the turbulent era of Greece's debt drama.
An Unconventional Choice
As per the ex-PM's account, he chose the unorthodox economist Yanis Varoufakis to be his finance minister largely because of the latter's worldwide fame and his “extremely attractive” abilities as a communicator.
“In reality, he was, actually, more of a star and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras alleges that Varoufakis had his own motives which included advancing Varoufakis's books as well as testing out his own economic models using Greece rather than genuinely fighting for the country's financial survival.
He noted that those negotiations to avoid insolvency were “not only a method of achieving improved terms for the country. They were an experiment, a monumental chance to prove the validity of his ideas.”
Critical Talks
During rollercoaster discussions, the country came perilously close to leaving the single currency area.
On the line lay both Greece's destiny but also those severe cutbacks demanded in exchange for financial aid by international creditors.
Failed Alternatives
Attempts to secure financing elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country was equivalent to throwing money into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Public Vote and Reversal
That summer, those harsh bailout terms were put to a public vote, an action that threw Europe into deeper crisis of identity.
Even though the referendum was won decisively by those against the cuts, the prime minister had little option to ignore the result then negotiate a bailout package with foreign lenders that proved to be even harsher.
Final Straw
Tsipras revealed how he started questioning his finance minister relatively soon.
“He was the face of the talks, the man who drew publicity, who graced the covers of magazines the world over … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy that included establishing a secondary currency as well as issuing coupons to pensioners, the leader knew it was game over and asked him: “Are you serious?”
Lasting Rebuke
In the book, Tsipras concludes how Varoufakis had proved himself “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras further claimed how his confrontational style left him increasingly isolated among peers, put Greece at risk, while assisted hawks that were advocating Grexit.
The account of history has been met with anger and stunned disbelief in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
