In a recently unveiled memoir, titled Ithaki, the ex- leader Tsipras spares no criticism as he examines that chaotic period of Greece's financial crisis.
An Unconventional Choice
According to Tsipras's recollections, he appointed that unorthodox economist Yanis Varoufakis to be his finance minister primarily because of his global profile along with Varoufakis's highly compelling skills as a public orator.
“He was, actually, more like a star rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras suggests that his finance chief had a personal motives that included promoting Varoufakis's books and testing out his own game theories using Greece instead of genuinely advocating its financial survival.
Tsipras wrote that the negotiations to avoid bankruptcy were “not only a method of achieving improved terms for Greece. They became a test, an historic chance to prove the validity of Varoufakis's ideas.”
High-Stakes Talks
Amid rollercoaster discussions, the country came perilously on the brink of leaving the single currency area.
On the line was both Greece's destiny and the punishing austerity policies demanded in exchange for rescue loans by international creditors.
Failed Options
Efforts to find funds elsewhere, such as an urgent plea to Russia to buy Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, the harsh conditions were subjected to a public vote, an action that plunged the EU into further existential crisis.
Even though the vote was carried resoundingly by voters against austerity, the prime minister was forced to reject its outcome and negotiate a bailout package from foreign lenders which turned out to be more severe.
Final Straw
The ex-PM revealed how 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 front pages of magazines globally … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency as well as issuing vouchers to pensioners, the leader said he realised it was the end questioning him: “Are you serious?”
Lasting Rebuke
In the book, the author asserts how Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and delicate handling.”
Tsipras further wrote how his confrontational style left him more and more alone with colleagues, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.
This retelling of events has provoked fury along with shock in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.
