In a newly released personal account, called Ithaki, the ex- prime minister Tsipras does not hold back while he examines that turbulent era during Greece's debt drama.
A Controversial Appointment
In Tsipras's version, Tsipras chose the unorthodox economist Yanis Varoufakis as his finance minister primarily because of his worldwide fame along with Varoufakis's very persuasive abilities when it came to public orator.
“He was, in reality, more of a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras alleges that his finance chief had a personal agenda that included advancing his books as well as experimenting with his theories on Greece instead of truly fighting for its financial survival.
He wrote how those negotiations to stave off insolvency became “not only a way of achieving a better deal for the country. They became an experiment, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”
Critical Talks
During volatile negotiations, Greece found itself perilously close to exiting the eurozone.
At stake lay both the country's future but also those punishing austerity measures demanded in exchange for rescue loans by international creditors.
Failed Options
Efforts to find financing from other sources, such as a desperate plea to Russia to buy Greek bonds, were rejected.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, those harsh conditions were subjected to a popular referendum, a move which plunged Europe into further existential crisis.
Although the referendum was carried resoundingly by those against austerity, the prime minister had little option to ignore the result and negotiate a bailout package from creditors which turned out to be tougher.
Final Straw
Tsipras claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who attracted media attention, who graced the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy that included establishing a parallel currency as well as distributing coupons to retirees, the leader knew that it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras concludes that Varoufakis had proved himself “unfit for a deal demanding intricate and sensitive handling.”
He further wrote that Varoufakis's aggressive approach left him more and more alone among peers, endangered the country, while assisted hawks that were pushing for Grexit.
The retelling of events has provoked fury and shock in some quarters, while Varoufakis has so far kept a deafening silence on the matter.
