In a recently unveiled personal account, titled Ithaki, the former premier Tsipras pulls no punches as he revisits the chaotic period during Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's recollections, he selected that maverick economist Yanis Varoufakis to be the finance minister mainly because of his worldwide fame and his highly compelling skills when it came to communicator.
“He was, actually, more like a celebrity rather than an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges how Varoufakis had his own agenda that included advancing Varoufakis's books as well as experimenting with his theories on Greece instead of genuinely advocating its financial survival.
He explained that the discussions to stave off insolvency were “not only a method of achieving improved terms for Greece. They were an experiment, an historic chance to prove the validity of his theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself perilously close to leaving the single currency area.
On the line lay not only the country's future but also the punishing cutbacks required in exchange for rescue loans by international creditors.
Failed Options
Attempts to find financing from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote and U-Turn
That summer, the excoriating bailout terms were put to a popular referendum, a move which plunged Europe into a deeper crisis of identity.
Even though the referendum was won decisively by those who opposed the cuts, the prime minister had little option but to reject its outcome then agree to a bailout package from creditors which turned out to be tougher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the man who attracted publicity, who appeared on the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency as well as issuing coupons to pensioners, Tsipras said he realised that it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, the author concludes that Varoufakis had proved himself to be “unfit for a deal demanding complex and sensitive management.”
Tsipras also claimed how his confrontational approach made him more and more alone with colleagues, put Greece at risk, and helped hawks who were advocating a Greek exit from the euro.
The account of events has been met with fury along with shock among certain groups, while Varoufakis has so far maintained a conspicuous quiet on the matter.
