Within his freshly published personal account, titled Ithaki, the former prime minister Tsipras spares no criticism while he reflects on that turbulent period of Greece's debt drama.
A Controversial Appointment
According to the ex-PM's recollections, he appointed the unorthodox economist Yanis Varoufakis as his treasury head primarily due to his global profile along with his very persuasive skills when it came to communicator.
“In reality, he was, actually, more of a star rather than an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader suggests that his finance chief had his own motives which included promoting his publications as well as testing out his game theories using the nation instead of genuinely advocating the country's economic stability.
Tsipras wrote how the negotiations to prevent bankruptcy were “not just a method of achieving a better deal for the country. They became a test, an historic chance to demonstrate the truth of his theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country found itself dangerously on the brink of exiting the single currency area.
On the line lay not only the country's destiny and the harsh austerity measures required in return for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to find financing elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Helping Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, those harsh conditions were put to a popular referendum, a move which threw the EU into deeper existential crisis.
Although the vote was carried resoundingly by voters who opposed the cuts, the prime minister was forced but to ignore the result and negotiate a rescue deal from foreign lenders that turned out to be tougher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who attracted media attention, who graced the covers of publications globally … it seemed he was enjoying the spotlight.”
After the minister proposed a backup strategy that included creating a secondary currency as well as issuing vouchers to retirees, the leader knew it was game over questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes that Varoufakis demonstrated himself “unsuitable for an agreement that required complex and sensitive management.”
Tsipras further wrote how Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, while assisted hardliners that were pushing for Grexit.
This account of events has been met with fury along with stunned disbelief among certain groups, while the former minister has so far maintained a deafening silence on the matter.
