In a freshly published memoir, titled Ithaki, the former prime minister Tsipras spares no criticism as he reflects on that turbulent era of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's account, he chose the unorthodox academic Yanis Varoufakis as the treasury head mainly due to the latter's international reputation and his highly compelling abilities when it came to communicator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras claims how Varoufakis possessed a personal motives that involved advancing Varoufakis's publications as well as experimenting with his game theories on the nation rather than truly advocating the country's financial survival.
Tsipras wrote that the negotiations to prevent insolvency were “not only a way to secure improved terms for Greece. They became an experiment, an historic chance to demonstrate the validity of Varoufakis's theories.”
Critical Negotiations
Amid rollercoaster discussions, the country came dangerously on the brink of leaving the eurozone.
At stake was not only Greece's destiny and those severe austerity policies required in return for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to secure funds from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin reportedly told Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, the harsh bailout terms were subjected to a public vote, a move that plunged the EU into further existential crisis.
Even though the referendum was won resoundingly by voters against the cuts, the prime minister was forced to ignore the result and agree to a rescue deal with creditors that turned out to be tougher.
Final Straw
Tsipras revealed that he began to doubt his finance minister quite early on.
“He was the public image of the talks, the man who attracted publicity, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included creating a parallel currency as well as distributing vouchers to retirees, the leader knew that it was the end questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, the author concludes that his former ally demonstrated himself “unsuitable for a deal demanding complex and sensitive management.”
He further claimed how Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, while helped hawks that were advocating a Greek exit from the euro.
This account of history has been met with fury and shock among certain groups, whereas Varoufakis has kept a deafening silence on the matter.
