In a recently unveiled personal account, called Ithaki, the former prime minister Tsipras pulls no punches while he reflects on the chaotic era of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's version, Tsipras selected the unorthodox economist Yanis Varoufakis to be his finance minister largely because of the latter's worldwide fame along with Varoufakis's very persuasive skills as a communicator.
“He was, truthfully, more of a personality and less of an economist,” stated Tsipras.
Clashing Agendas
The former leader claims how his finance chief possessed his own motives which included advancing Varoufakis's publications as well as experimenting with his own theories on Greece instead of truly fighting for the country's financial survival.
He wrote how the talks to stave off bankruptcy became “not only a method to secure improved terms for the country. They were an experiment, an historic chance to prove the truth of Varoufakis's ideas.”
Critical Talks
Amid rollercoaster discussions, the country came dangerously on the brink of exiting the single currency area.
On the line was both the country's destiny but also the severe austerity measures required in exchange for bailout funds by foreign lenders.
Failed Options
Attempts to find funds elsewhere, including a desperate plea to Russia to buy Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, those punitive bailout terms were put to a public vote, an action that plunged Europe into a further crisis of identity.
Even though the vote was carried decisively by those who opposed austerity, Tsipras had little option but to ignore the result then negotiate a rescue deal from foreign lenders which proved to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the face of negotiation, the man who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
After Varoufakis proposed a backup strategy that included establishing a parallel currency as well as distributing coupons to retirees, the leader said he realised that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras asserts how Varoufakis had proved himself “unsuitable for a deal demanding complex and delicate handling.”
He further claimed how Varoufakis's aggressive approach made him more and more alone among peers, endangered the country, and helped hardliners that were advocating a Greek exit from the euro.
The account of history has been met with anger and shock in some quarters, whereas Varoufakis has maintained a deafening silence on the matter.
