In a freshly published personal account, titled Ithaki, the former prime minister Tsipras spares no criticism as he examines the chaotic era of Greece's financial crisis.
A Controversial Appointment
According to the ex-PM's recollections, he appointed the maverick academic Yanis Varoufakis as the finance minister mainly because of his worldwide fame along with his “extremely attractive” skills when it came to public orator.
“In reality, he was, in reality, more of a celebrity and less of an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader alleges how Varoufakis had his own motives which included advancing his books as well as experimenting with his economic models on the nation instead of genuinely advocating the country's economic stability.
Tsipras explained that the talks to stave off bankruptcy were “not only a way of achieving improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
Amid volatile negotiations, Greece found itself perilously close to exiting the eurozone.
At stake was not only Greece's future and the harsh austerity measures required in return for financial aid from foreign lenders.
Failed Alternatives
Efforts to find financing from other sources, such as an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the punitive conditions were put to a public vote, an action which plunged Europe into deeper existential crisis.
Although the vote was won decisively by those who opposed the cuts, Tsipras had little option to ignore the result and agree to a bailout package with creditors which turned out to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy that included creating a secondary currency and issuing vouchers to pensioners, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, the author asserts that Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and sensitive handling.”
Tsipras further wrote how Varoufakis's aggressive style left him increasingly isolated among peers, put Greece at risk, and helped hawks who were pushing for Grexit.
This account of history has provoked fury along with stunned disbelief in some quarters, whereas the former minister has kept a deafening silence on the matter.
