Within his freshly published personal account, named Ithaki, the former leader Tsipras does not hold back as he reflects on the turbulent period during Greece's financial crisis.
An Unconventional Choice
According to Tsipras's version, Tsipras appointed that maverick academic Yanis Varoufakis to be the finance minister mainly because of his global profile and his very persuasive abilities when it came to communicator.
“He was, truthfully, more like a celebrity and less of an economist,” stated Tsipras.
Clashing Agendas
The former leader suggests how Varoufakis had a personal agenda that involved advancing his publications and testing out his own game theories using the nation rather than truly advocating the country's financial survival.
He noted how those negotiations to stave off insolvency became “not only a way of achieving improved terms for Greece. They became a test, an historic opportunity to prove the truth of Varoufakis's theories.”
Critical Negotiations
Amid tense negotiations, the country found itself perilously on the brink of exiting the single currency area.
At stake was both the country's future and those severe cutbacks demanded in return for rescue loans by foreign lenders.
Failed Options
Attempts to find funds elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh bailout terms were subjected to a popular referendum, a move which threw the EU into a deeper existential crisis.
Although the referendum was won decisively by voters against the cuts, Tsipras was forced but to reject its outcome and negotiate a bailout package from creditors that turned out to be tougher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
After the minister outlined a contingency plan that included creating a parallel currency and distributing vouchers to retirees, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, the author concludes that his former ally demonstrated himself “unsuitable for an agreement that required intricate and sensitive management.”
He also wrote that Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, and assisted hardliners that were advocating a Greek exit from the euro.
This retelling of history has provoked fury along with shock in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.
