Within his freshly published personal account, titled Ithaki, the former premier Alexis Tsipras spares no criticism while he examines that turbulent period of Greece's debt drama.
An Unconventional Appointment
In the ex-PM's recollections, Tsipras selected that unorthodox economist Yanis Varoufakis to be his treasury head mainly due to his global profile along with his very persuasive skills as a speaker.
“In reality, he was, actually, more of a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Priorities
Tsipras alleges that Varoufakis possessed his own motives which involved promoting Varoufakis's publications and testing out his economic models using Greece rather than truly fighting for its economic stability.
Tsipras explained how the discussions to avoid bankruptcy became “not just a method of achieving a better deal for the country. They became a test, an historic chance to prove the validity of his ideas.”
Critical Negotiations
Amid rollercoaster negotiations, Greece found itself dangerously on the brink of leaving the eurozone.
At stake was both Greece's destiny and those severe cutbacks required in exchange for financial aid by foreign lenders.
Unsuccessful Options
Attempts to secure financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, those excoriating conditions were put to a popular referendum, a move that threw Europe into a deeper existential crisis.
Although the vote was carried resoundingly by voters who opposed austerity, the prime minister had little option to ignore the result then negotiate a rescue deal with creditors which turned out to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who drew publicity, who graced the front pages of publications the world over … he gave the impression he relished the spotlight.”
When the minister outlined a contingency plan that included creating a secondary currency and issuing vouchers to pensioners, Tsipras said he realised it was the end and asked him: “Can you be serious?”
Lasting Rebuke
In the memoir, the author concludes how his former ally demonstrated himself “unsuitable for an agreement demanding complex and sensitive handling.”
He further wrote how Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, while helped hardliners who were pushing for Grexit.
This account of history has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
