In a recently unveiled memoir, named Ithaki, the former prime minister Tsipras spares no criticism as he reflects on the turbulent era during Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's account, Tsipras selected that maverick academic Yanis Varoufakis as the finance minister largely because of his global profile and Varoufakis's very persuasive skills when it came to communicator.
“In reality, he was, actually, more like a personality and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader suggests how his finance chief possessed his own motives which involved promoting his publications and experimenting with his game theories using Greece instead of truly advocating the country's financial survival.
He wrote how the negotiations to avoid bankruptcy became “not only a method of achieving a better deal for the country. They were a test, a monumental chance to demonstrate the validity of his theories.”
Critical Negotiations
Amid rollercoaster negotiations, the country came dangerously close to leaving the eurozone.
On the line lay not only Greece's future and those punishing austerity policies required in exchange for financial aid by international creditors.
Unsuccessful Options
Attempts to find financing elsewhere, such as a desperate appeal to Russia to buy Greek bonds, were rejected.
Assisting Greece was equivalent to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the punitive conditions were subjected to a public vote, an action that threw Europe into a further existential crisis.
Even though the referendum was won decisively by voters against the cuts, the prime minister had little option to reject its outcome and negotiate a bailout package from foreign lenders that proved to be tougher.
Breaking Point
Tsipras revealed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who drew publicity, who graced the front pages of magazines the world over … it seemed he was enjoying his new role.”
After the minister outlined a contingency plan involving establishing a parallel currency and issuing coupons to retirees, Tsipras knew it was game over and asked him: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and sensitive handling.”
He also wrote that Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, and helped hawks who were advocating Grexit.
This account of history has provoked anger and shock in some quarters, while Varoufakis has maintained a conspicuous quiet regarding these claims.
