Within his recently unveiled personal account, called Ithaki, the former premier Tsipras pulls no punches as he revisits the chaotic period during Greece's debt drama.
An Unconventional Choice
According to Tsipras's recollections, he chose that maverick academic Yanis Varoufakis to be his treasury head mainly because of the latter's worldwide fame along with Varoufakis's “extremely attractive” abilities as a public orator.
“He was, truthfully, more like a star rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests how his finance chief possessed a personal motives which involved promoting his publications as well as testing out his own economic models using Greece rather than genuinely fighting for its financial survival.
He wrote how those discussions to stave off insolvency were “not just a method of achieving improved terms for Greece. They were an experiment, an historic chance to prove the truth of Varoufakis's economic theories.”
Critical Talks
Amid volatile discussions, the country came dangerously on the brink of leaving the single currency area.
On the line was both the country's future but also those punishing austerity measures required in return for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to find funds from other sources, including an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those excoriating bailout terms were put to a public vote, a move which threw the EU into further crisis of identity.
Even though the referendum was carried decisively by those who opposed the cuts, the prime minister had little option but to reject its outcome and negotiate a bailout package from creditors which proved to be tougher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the man who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy involving creating a parallel currency as well as issuing coupons to retirees, Tsipras said he realised it was the end questioning him: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras concludes that his former ally had proved himself “unfit for a deal that required complex and sensitive handling.”
He also claimed that Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, and helped hawks 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 the former minister has maintained a conspicuous quiet on the matter.
