Within his freshly published autobiography, called Ithaki, the ex- prime minister Tsipras does not hold back while he revisits that chaotic period of Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's account, Tsipras chose that unorthodox economist Yanis Varoufakis as the treasury head mainly because of the latter's worldwide fame along with Varoufakis's highly compelling skills as a speaker.
“In reality, he was, truthfully, more of a personality and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader suggests how Varoufakis had a personal agenda that involved promoting his publications as well as testing out his theories using Greece instead of genuinely advocating its economic stability.
Tsipras explained how those talks to prevent insolvency became “not just a method to secure improved terms for Greece. They were an experiment, an historic chance to prove the truth of his economic theories.”
High-Stakes Talks
During rollercoaster discussions, Greece found itself perilously on the brink of exiting the single currency area.
At stake was not only Greece's future but also those severe austerity policies required in return for financial aid by international creditors.
Unsuccessful Options
Efforts to find funds elsewhere, including an urgent plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and Reversal
That summer, the harsh conditions were put to a popular referendum, a move that plunged the EU into a further existential crisis.
Although the vote was carried resoundingly by those who opposed the cuts, Tsipras had little option but to reject its outcome then agree to a rescue deal with foreign lenders that turned out to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew publicity, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy that included creating a parallel currency as well as distributing coupons to retirees, Tsipras said he realised it was the end questioning Varoufakis: “Is this for real?”
Enduring Rebuke
In the memoir, the author concludes how Varoufakis had proved himself “unsuitable for an agreement demanding complex and delicate handling.”
Tsipras also wrote how Varoufakis's confrontational style left him more and more alone with colleagues, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.
This retelling of events has been met with anger and stunned disbelief in some quarters, while the former minister has so far kept a deafening silence on the matter.
