In a freshly published personal account, titled Ithaki, the former premier Tsipras does not hold back while he revisits that turbulent era during Greece's economic turmoil.
A Controversial Appointment
In Tsipras's account, he appointed that unorthodox academic Yanis Varoufakis to be his treasury head mainly because of the latter's global profile and his very persuasive abilities as a public orator.
“He was, truthfully, more like a celebrity and less of an economist,” wrote Tsipras.
Clashing Priorities
The former leader claims that Varoufakis had a personal agenda which included advancing his books and experimenting with his game theories using Greece instead of truly advocating the country's financial survival.
He noted that the talks to prevent bankruptcy were “not only a way to secure improved terms for Greece. They became a test, a monumental chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
During tense discussions, the country came dangerously close to exiting the eurozone.
On the line lay not only the country's destiny and those punishing austerity measures required in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to find financing from other sources, including a desperate plea to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, those excoriating bailout terms were subjected to a popular referendum, a move which threw the EU into further existential crisis.
Even though the vote was won decisively by voters who opposed the cuts, Tsipras had little option to ignore the result and agree to a bailout package from foreign lenders that proved to be more severe.
Final Straw
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the man who drew media attention, who graced the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a contingency plan that included creating a parallel currency and issuing vouchers to pensioners, Tsipras said he realised that it was game over and asked him: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras concludes that his former ally had proved himself to be “unsuitable for a deal demanding intricate and sensitive handling.”
He further claimed that Varoufakis's confrontational style left him more and more alone among peers, put Greece at risk, while helped hawks who were advocating Grexit.
The account of events has provoked fury along with stunned disbelief in some quarters, while the former minister has kept a conspicuous quiet on the matter.
