In a freshly published memoir, called Ithaki, the former prime minister Tsipras spares no criticism while he revisits that chaotic era of Greece's debt drama.
A Controversial Appointment
According to Tsipras's account, he selected that unorthodox academic Yanis Varoufakis as the finance minister mainly due to his international reputation and Varoufakis's very persuasive abilities as a public orator.
“In reality, he was, truthfully, more like a star rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader alleges that Varoufakis had a personal motives which included promoting Varoufakis's publications and experimenting with his own game theories on Greece instead of genuinely advocating the country's economic stability.
He wrote that those talks to prevent insolvency were “not only a way to secure improved terms for the country. They became an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”
High-Stakes Talks
During rollercoaster discussions, Greece came dangerously close to leaving the single currency area.
On the line lay both the country's destiny but also the harsh austerity policies demanded in return for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, the excoriating conditions were subjected to a public vote, an action which threw the EU into a deeper crisis of identity.
Although the vote was carried decisively by those against austerity, the prime minister had little option but to ignore the result and negotiate a rescue deal with creditors which turned out to be more severe.
Final Straw
The ex-PM claimed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who attracted media attention, who graced the covers of publications globally … he gave the impression he relished the spotlight.”
After the minister outlined a backup strategy involving creating a secondary currency and issuing vouchers to retirees, the leader said he realised it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts that Varoufakis had proved himself “unsuitable for a deal that required complex and sensitive handling.”
He also wrote how his confrontational style made him increasingly isolated among peers, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
This retelling of events has provoked fury along with stunned disbelief among certain groups, while the former minister has so far kept a deafening silence regarding these claims.
