In a recently unveiled personal account, titled Ithaki, the ex- leader Tsipras pulls no punches as he revisits that chaotic period during Greece's economic turmoil.
An Unconventional Choice
In Tsipras's recollections, he selected the unorthodox academic Yanis Varoufakis as the finance minister largely because of the latter's global profile along with Varoufakis's “extremely attractive” skills as a communicator.
“In reality, he was, actually, more like a star and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
The former leader claims that his finance chief possessed a personal motives that included promoting his publications and experimenting with his own economic models on Greece instead of truly advocating the country's financial survival.
He wrote how the negotiations to stave off insolvency became “not only a way of achieving a better deal for Greece. They became a test, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Negotiations
During rollercoaster negotiations, Greece found itself perilously close to exiting the eurozone.
On the line lay both the country's destiny and those punishing cutbacks demanded in return for financial aid from foreign lenders.
Failed Options
Attempts to find funds elsewhere, including a desperate plea to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country was tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those punitive conditions were put to a popular referendum, an action that threw the EU into further crisis of identity.
Even though the referendum was carried decisively by voters who opposed the cuts, Tsipras was forced to ignore the result and negotiate a bailout package from creditors which proved to be even harsher.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who drew media attention, who appeared on the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
After the minister outlined a backup strategy involving creating a parallel currency and distributing coupons to retirees, Tsipras knew that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, the author asserts how Varoufakis had proved himself “unfit for an agreement demanding intricate and delicate management.”
Tsipras also claimed how Varoufakis's confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were pushing for Grexit.
This retelling of history has been met with anger and stunned disbelief in some quarters, whereas the former minister has kept a conspicuous quiet regarding these claims.
