In a recently unveiled personal account, named Ithaki, the former leader Tsipras pulls no punches as he revisits that turbulent era during Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's version, he appointed the unorthodox economist Yanis Varoufakis to be the treasury head mainly because of his international reputation and his “extremely attractive” abilities as a communicator.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” recalled Tsipras.
Clashing Priorities
The former leader claims how Varoufakis had his own motives which included promoting his books as well as testing out his game theories on the nation rather than genuinely fighting for its economic stability.
Tsipras wrote that those negotiations to prevent bankruptcy were “not only a method of achieving a better deal for Greece. They were a test, a monumental opportunity to prove the validity of Varoufakis's theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country came dangerously on the brink of exiting the eurozone.
At stake was not only the country's future but also the punishing austerity measures required in return for financial aid from international creditors.
Failed Alternatives
Efforts to find financing elsewhere, such as an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece would be equivalent to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those excoriating bailout terms were put to a public vote, a move that threw the EU into a further crisis of identity.
Even though the referendum was won decisively by those against austerity, the prime minister had little option but to ignore the result and agree to a rescue deal from creditors which turned out to be more severe.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who drew media attention, who appeared on the front pages of publications the world over … it seemed he relished his new role.”
After the minister proposed a contingency plan that included creating a parallel currency as well as issuing coupons to retirees, the leader said he realised that it was game over and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the book, the author concludes that Varoufakis had proved himself to be “unsuitable for an agreement demanding complex and sensitive management.”
He also wrote how Varoufakis's confrontational approach made him more and more alone with colleagues, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
This account of history has provoked fury and shock among certain groups, whereas the former minister has maintained a deafening silence regarding these claims.
