Within his recently unveiled personal account, titled Ithaki, the former prime minister Tsipras does not hold back while he revisits the turbulent era of Greece's financial crisis.
An Unconventional Choice
In Tsipras's version, he selected the maverick economist Yanis Varoufakis to be his treasury head primarily due to the latter's global profile and his highly compelling skills as a public orator.
“In reality, he was, actually, more like a personality and less of an economist,” wrote the 51-year-old.
Clashing Agendas
Tsipras suggests that Varoufakis possessed his own agenda that involved promoting his books and experimenting with his economic models using Greece instead of genuinely advocating the country's economic stability.
Tsipras wrote that the discussions to avoid insolvency became “not only a method to secure a better deal for the country. They were a test, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
During tense discussions, Greece came perilously close to leaving the eurozone.
At stake lay not only Greece's destiny but also the harsh austerity measures required in return for financial aid by international creditors.
Unsuccessful Options
Attempts to find funds from other sources, such as a desperate plea to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those excoriating bailout terms were put to a popular referendum, an action that plunged the EU into deeper existential crisis.
Although the referendum was carried decisively by those against the cuts, the prime minister had little option to ignore the result and negotiate a bailout package with foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who graced the front pages of magazines globally … he gave the impression he was enjoying his new role.”
When the minister proposed a contingency plan involving creating a secondary currency and issuing coupons to retirees, Tsipras knew that it was the end and asked Varoufakis: “Is this for real?”
Enduring Criticism
In the book, Tsipras concludes that Varoufakis demonstrated himself “unfit for a deal that required intricate and delicate handling.”
Tsipras also wrote how Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, while helped hawks that were advocating a Greek exit from the euro.
The account of history has been met with fury along with stunned disbelief among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.
