Within his recently unveiled personal account, titled Ithaki, the ex- premier Tsipras does not hold back as he reflects on that turbulent era during Greece's debt drama.
A Controversial Appointment
In the ex-PM's recollections, Tsipras chose the maverick academic Yanis Varoufakis to be the treasury head largely because of his international reputation along with Varoufakis's highly compelling abilities when it came to communicator.
“He was, truthfully, more of a personality and less of an economist,” wrote Tsipras.
Clashing Agendas
Tsipras claims that Varoufakis had a personal motives which involved advancing Varoufakis's publications and testing out his own theories on Greece rather than genuinely advocating its economic stability.
Tsipras wrote how the discussions to stave off insolvency were “not only a way to secure a better deal for the country. They were an experiment, a monumental chance to prove the validity of Varoufakis's theories.”
Critical Talks
Amid volatile discussions, Greece found itself dangerously close to exiting the eurozone.
At stake lay not only Greece's destiny but also those punishing austerity policies required in return for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum and Reversal
In July 2015, those punitive bailout terms were put to a popular referendum, an action that plunged the EU into a further crisis of identity.
Although the referendum was carried decisively by those against the cuts, the prime minister had little option to reject its outcome then agree to a bailout package from foreign lenders that turned out to be more severe.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who appeared on the covers of publications the world over … it seemed he relished his new role.”
After Varoufakis proposed a backup strategy that included creating a parallel currency and distributing coupons to retirees, the leader knew that it was game over and asked him: “Can you be serious?”
Lasting Criticism
In the memoir, Tsipras concludes that his former ally had proved himself to be “unsuitable for an agreement demanding complex and delicate handling.”
He also claimed that Varoufakis's confrontational style left him increasingly isolated among peers, put Greece at risk, while assisted hardliners who were advocating a Greek exit from the euro.
This retelling of history has provoked fury along with stunned disbelief among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
