Within his newly released autobiography, called Ithaki, the ex- premier Tsipras pulls no punches while he revisits the chaotic era of Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's version, he selected the maverick economist Yanis Varoufakis to be the finance minister largely because of his international reputation along with Varoufakis's highly compelling abilities as a public orator.
“In reality, he was, in reality, more like a personality rather than an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader suggests how Varoufakis had his own agenda that included advancing Varoufakis's books as well as testing out his theories on the nation rather than genuinely advocating the country's financial survival.
Tsipras explained that the discussions to avoid bankruptcy became “not only a method to secure a better deal for Greece. They were an experiment, an historic chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece found itself dangerously close to exiting the single currency area.
At stake was both Greece's future and those severe cutbacks demanded in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action that plunged Europe into deeper existential crisis.
Although the vote was carried resoundingly by voters who opposed austerity, the prime minister had little option to reject its outcome and negotiate a rescue deal from foreign lenders that proved to be more severe.
Final Straw
The ex-PM claimed that he began to doubt his finance minister quite early on.
“He was the public image of the talks, the man who drew media attention, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy that included creating a secondary currency and distributing coupons to pensioners, the leader said he realised it was game over questioning him: “Is this for real?”
Enduring Rebuke
In the memoir, Tsipras concludes that his former ally demonstrated himself to be “unsuitable for an agreement that required complex and sensitive management.”
Tsipras also claimed that Varoufakis's confrontational style made him increasingly isolated with colleagues, endangered the country, and assisted hawks that were pushing for a Greek exit from the euro.
This retelling of events has been met with fury along with shock in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
