In a freshly published memoir, titled Ithaki, the ex- premier Tsipras spares no criticism as he revisits the chaotic era of Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's recollections, he chose the unorthodox academic Yanis Varoufakis to be his treasury head primarily because of his global profile and his very persuasive skills when it came to public orator.
“In reality, he was, in reality, more like a celebrity rather than an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader suggests that Varoufakis possessed a personal agenda which involved advancing Varoufakis's books and experimenting with his own economic models on the nation rather than genuinely advocating its economic stability.
Tsipras noted how the talks to prevent insolvency became “not only a method to secure improved terms for Greece. They became a test, a monumental chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece found itself dangerously on the brink of exiting the eurozone.
On the line lay both Greece's future and those harsh cutbacks demanded in return for financial aid from international creditors.
Failed Alternatives
Attempts to secure financing elsewhere, such as a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the punitive bailout terms were put to a public vote, a move that threw Europe into a further crisis of identity.
Although the vote was won decisively by voters who opposed austerity, the prime minister was forced to reject its outcome then agree to a bailout package from foreign lenders that turned out to be even harsher.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying his new role.”
When Varoufakis proposed a contingency plan that included establishing a parallel currency as well as issuing coupons to pensioners, the leader said he realised it was game over questioning him: “Are you serious?”
Lasting Criticism
Within the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and sensitive handling.”
He further claimed that Varoufakis's aggressive style left him more and more alone among peers, put Greece at risk, and helped hardliners that were pushing for a Greek exit from the euro.
This retelling of history has been met with anger and stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence regarding these claims.
