Within his freshly published autobiography, called Ithaki, the ex- premier Tsipras pulls no punches as he reflects on the turbulent era of Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's recollections, he selected that unorthodox economist Yanis Varoufakis as his treasury head mainly due to his worldwide fame and Varoufakis's “extremely attractive” abilities as a speaker.
“He was, in reality, more of a star and less of an economist,” wrote Tsipras.
Conflicting Agendas
The former leader alleges that his finance chief had his own motives that involved advancing Varoufakis's publications and testing out his theories using the nation instead of truly advocating its financial survival.
Tsipras noted how the negotiations to stave off insolvency became “not just a way of achieving improved terms for the country. They became a test, a monumental chance to demonstrate the truth of his theories.”
Critical Negotiations
Amid tense negotiations, the country found itself perilously on the brink of leaving the single currency area.
On the line was not only Greece's destiny but also those harsh cutbacks demanded in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, including a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, the punitive bailout terms were put to a popular referendum, a move that threw Europe into further crisis of identity.
Although the vote was carried resoundingly by voters against austerity, Tsipras was forced to ignore the result then negotiate a rescue deal from foreign lenders that proved to be even harsher.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who graced the covers of publications globally … he gave the impression he was enjoying his new role.”
When the minister outlined a backup strategy involving creating a secondary currency and distributing vouchers to pensioners, the leader said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
Within the book, Tsipras asserts how Varoufakis had proved himself to be “unfit for an agreement demanding intricate and delicate management.”
He further claimed how Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, and helped hardliners who were advocating Grexit.
This retelling of history has provoked fury and shock in some quarters, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
