In a freshly published personal account, called Ithaki, the ex- premier Tsipras pulls no punches while he reflects on that chaotic period during Greece's debt drama.
A Controversial Choice
As per Tsipras's recollections, he selected that maverick economist Yanis Varoufakis as the treasury head mainly due to his global profile and his highly compelling skills when it came to speaker.
“He was, truthfully, more of a personality rather than an economic expert,” stated Tsipras.
Clashing Agendas
Tsipras alleges that his finance chief had his own motives that involved advancing Varoufakis's publications as well as testing out his own theories on Greece rather than genuinely advocating the country's economic stability.
Tsipras wrote that the talks to avoid bankruptcy became “not only a way of achieving a better deal for the country. They became an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
During rollercoaster negotiations, Greece came perilously on the brink of leaving the eurozone.
On the line lay both Greece's destiny but also those severe austerity policies required in return for bailout funds from international creditors.
Unsuccessful Alternatives
Attempts to find funds elsewhere, including an urgent plea to Russia to purchase Greek government bonds, were rejected.
Assisting Greece would be equivalent to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those punitive bailout terms were put to a public vote, a move which plunged Europe into deeper crisis of identity.
Even though the vote was won decisively by voters who opposed austerity, the prime minister had little option to ignore the result then negotiate a bailout package from creditors that proved to be more severe.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who drew media attention, who appeared on the covers of publications globally … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a parallel currency and issuing coupons to retirees, the leader said he realised that it was game over and asked him: “Can you be serious?”
Enduring Rebuke
In the book, Tsipras concludes that Varoufakis had proved himself “unfit for an agreement that required complex and delicate management.”
He also wrote that Varoufakis's aggressive approach left him more and more alone with colleagues, endangered the country, while helped hawks that were pushing for Grexit.
The retelling of history has been met with anger and stunned disbelief in some quarters, while Varoufakis has kept a deafening silence regarding these claims.
