Within his newly released memoir, named Ithaki, the former leader Tsipras pulls no punches while he revisits the turbulent era of Greece's economic turmoil.
A Controversial Choice
In Tsipras's recollections, Tsipras appointed the maverick academic Yanis Varoufakis as the treasury head mainly due to the latter's worldwide fame and his very persuasive abilities as a public orator.
“In reality, he was, actually, more of a personality rather than an economist,” recalled Tsipras.
Clashing Agendas
Tsipras alleges that Varoufakis possessed his own agenda which involved advancing Varoufakis's publications as well as testing out his theories on Greece rather than truly fighting for the country's economic stability.
Tsipras wrote how the talks to avoid bankruptcy were “not just a method to secure a better deal for Greece. They became a test, a monumental chance to prove the truth of his ideas.”
High-Stakes Talks
Amid tense negotiations, Greece came perilously on the brink of leaving the single currency area.
On the line was both the country's destiny but also those severe cutbacks demanded in return for financial aid by international creditors.
Failed Options
Efforts to find funds from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Helping Greece would be equivalent to throwing money in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, the excoriating bailout terms were put to a public vote, an action that plunged the EU into further existential crisis.
Even though the referendum was won decisively by those against the cuts, the prime minister had little option to ignore the result and agree to a rescue deal from foreign lenders which turned out to be even harsher.
Final Straw
Tsipras claimed that he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the man who drew publicity, who graced the front pages of publications globally … it seemed he relished the spotlight.”
After Varoufakis outlined a contingency plan involving establishing a parallel currency as well as issuing vouchers to retirees, Tsipras knew it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras asserts how Varoufakis had proved himself “unfit for an agreement demanding complex and delicate handling.”
Tsipras further wrote that Varoufakis's confrontational approach left him more and more alone with colleagues, put Greece at risk, and assisted hardliners that were pushing for Grexit.
This account of history has provoked anger and stunned disbelief in some quarters, while the former minister has maintained a deafening silence on the matter.
