Within his freshly published personal account, titled Ithaki, the ex- prime minister Tsipras spares no criticism while he reflects on that chaotic period of Greece's financial crisis.
A Controversial Appointment
According to the ex-PM's account, he selected that maverick academic Yanis Varoufakis to be the treasury head mainly because of his global profile along with Varoufakis's very persuasive abilities when it came to communicator.
“In reality, he was, actually, more like a celebrity rather than an economist,” recalled Tsipras.
Conflicting Agendas
Tsipras claims that Varoufakis had a personal agenda which included promoting Varoufakis's books and testing out his own economic models on the nation instead of truly fighting for its economic stability.
Tsipras explained that the talks to avoid insolvency were “not just a way of achieving a better deal for the country. They were a test, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
Amid volatile discussions, Greece came perilously on the brink of exiting the single currency area.
On the line lay both the country's destiny but also those harsh cutbacks demanded in return for financial aid by international creditors.
Failed Alternatives
Attempts to secure financing from other sources, including a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, those harsh bailout terms were subjected to a public vote, an action which plunged the EU into a further existential crisis.
Even though the vote was carried resoundingly by voters who opposed the cuts, the prime minister had little option but to reject its outcome and negotiate a bailout package from foreign lenders that proved to be tougher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who drew media attention, who graced the front pages of publications the world over … it seemed he relished his new role.”
When the minister outlined a backup strategy that included creating a parallel currency and distributing vouchers to retirees, the leader said he realised it was the end questioning him: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras asserts that his former ally demonstrated himself “unfit for a deal that required complex and delicate management.”
Tsipras also wrote how Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, while helped hawks that were pushing for Grexit.
The account of events has been met with anger along with shock in some quarters, whereas the former minister has maintained a deafening silence on the matter.
