In a recently unveiled personal account, called Ithaki, the former prime minister Tsipras does not hold back while he revisits that chaotic era of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's version, he selected the maverick academic Yanis Varoufakis as his finance minister primarily because of his worldwide fame along with his highly compelling skills as a communicator.
“In reality, he was, actually, more of a personality rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras alleges that Varoufakis had his own motives that involved promoting Varoufakis's books as well as experimenting with his theories using Greece instead of truly advocating its financial survival.
Tsipras wrote that the discussions to stave off bankruptcy became “not just a way to secure improved terms for Greece. They were an experiment, a monumental chance to prove the truth of his ideas.”
High-Stakes Talks
Amid volatile discussions, the country came perilously on the brink of leaving the single currency area.
On the line lay not only Greece's destiny and those harsh cutbacks required in return for bailout funds from foreign lenders.
Unsuccessful Alternatives
Efforts to find financing from other sources, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, those excoriating bailout terms were subjected to a popular referendum, a move that threw the EU into deeper existential crisis.
Although the vote was carried resoundingly by those who opposed the cuts, the prime minister had little option to ignore the result and agree to a bailout package from creditors which turned out to be tougher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
After Varoufakis outlined a backup strategy involving creating a parallel currency as well as issuing vouchers to pensioners, the leader knew that it was the end and asked him: “Can you be serious?”
Lasting Rebuke
In the book, Tsipras asserts how his former ally had proved himself to be “unsuitable for a deal that required intricate and sensitive management.”
He also claimed how his aggressive style left him increasingly isolated among peers, put Greece at risk, and assisted hardliners who were pushing for a Greek exit from the euro.
The account of events has been met with fury along with shock in some quarters, while the former minister has so far maintained a conspicuous quiet on the matter.
