Within his freshly published autobiography, named Ithaki, the ex- leader Tsipras spares no criticism while he reflects on the chaotic era during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's account, Tsipras chose the maverick economist Yanis Varoufakis as his finance minister mainly because of his global profile along with his very persuasive skills as a speaker.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader alleges that his finance chief possessed a personal motives which involved advancing Varoufakis's publications as well as experimenting with his own game theories on the nation rather than truly advocating the country's economic stability.
Tsipras wrote how those negotiations to stave off bankruptcy became “not only a way of achieving improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the validity of his theories.”
High-Stakes Negotiations
During tense discussions, the country found itself dangerously close to exiting the eurozone.
At stake was not only Greece's destiny and the severe austerity policies demanded in exchange for financial aid from foreign lenders.
Failed Alternatives
Efforts to secure funds from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the excoriating bailout terms were put to a popular referendum, a move which threw the EU into a deeper existential crisis.
Even though the vote was carried resoundingly by those who opposed austerity, Tsipras was forced but to reject its outcome and negotiate a rescue deal from creditors that turned out to be even harsher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who graced the covers of magazines globally … it seemed he relished his new role.”
When the minister proposed a backup strategy that included creating a parallel currency as well as issuing vouchers to retirees, the leader said he realised it was the end questioning Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for an agreement demanding complex and sensitive handling.”
Tsipras also wrote how his aggressive style made him more and more alone with colleagues, put Greece at risk, while assisted hawks that were advocating Grexit.
This retelling of events has provoked anger along with shock in some quarters, while the former minister has so far maintained a deafening silence on the matter.
