Within his recently unveiled memoir, titled Ithaki, the ex- prime minister Tsipras spares no criticism while he reflects on the turbulent period of Greece's financial crisis.
An Unconventional Choice
In the ex-PM's account, Tsipras chose that maverick economist Yanis Varoufakis as the treasury head largely due to his global profile along with Varoufakis's “extremely attractive” abilities as a public orator.
“In reality, he was, actually, more of a personality and less of an economist,” wrote Tsipras.
Clashing Priorities
The former leader claims that his finance chief possessed his own motives that involved advancing his publications and experimenting with his economic models using Greece rather than truly fighting for the country's economic stability.
Tsipras noted how the talks to prevent insolvency were “not only a method to secure improved terms for the country. They were a test, a monumental chance to demonstrate the validity of his theories.”
High-Stakes Talks
Amid tense negotiations, Greece came dangerously close to leaving the eurozone.
At stake was not only Greece's destiny and those punishing austerity policies demanded in return for financial aid from international creditors.
Failed Options
Efforts to secure financing from other sources, including an urgent appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the excoriating conditions were put to a public vote, an action which threw the EU into further existential crisis.
Although the vote was won decisively by voters against the cuts, the prime minister had little option but to ignore the result then negotiate a bailout package from creditors which turned out to be tougher.
Final Straw
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew media attention, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy involving establishing a parallel currency as well as issuing coupons to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
Within the book, Tsipras concludes that Varoufakis had proved himself “unfit for an agreement demanding complex and delicate handling.”
He also wrote that his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
The retelling of history has provoked anger along with stunned disbelief in some quarters, whereas Varoufakis has maintained a conspicuous quiet on the matter.
