In a freshly published memoir, named Ithaki, the former premier Tsipras spares no criticism as he revisits that chaotic period of Greece's financial crisis.
A Controversial Choice
In the ex-PM's account, he chose the maverick economist Yanis Varoufakis to be the finance minister mainly due to the latter's worldwide fame and his highly compelling skills when it came to communicator.
“He was, truthfully, more of a star and less of an economic expert,” recalled Tsipras.
Clashing Agendas
Tsipras alleges how Varoufakis possessed his own motives that involved promoting his books as well as experimenting with his own game theories using Greece rather than genuinely advocating its financial survival.
Tsipras explained that the negotiations to avoid bankruptcy were “not just a way of achieving improved terms for Greece. They were a test, an historic opportunity to demonstrate the truth of his ideas.”
Critical Negotiations
During volatile negotiations, the country came perilously on the brink of leaving the single currency area.
At stake lay both Greece's future but also the severe austerity measures demanded in return for financial aid from foreign lenders.
Failed Options
Attempts to find funds from other sources, including an urgent plea to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece was equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, those excoriating conditions were put to a public vote, an action that plunged the EU into a deeper existential crisis.
Even though the referendum was carried resoundingly by voters who opposed austerity, Tsipras had little option to reject its outcome and negotiate a rescue deal from foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister relatively soon.
“He was the face of negotiation, the figure who drew publicity, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy involving establishing a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised it was game over and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for a deal demanding complex and sensitive handling.”
Tsipras also wrote how his aggressive style left him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were pushing for Grexit.
The account of events has been met with anger and stunned disbelief in some quarters, whereas the former minister has maintained a conspicuous quiet regarding these claims.
