In a recently unveiled autobiography, titled Ithaki, the former premier Tsipras does not hold back while he reflects on that chaotic period of Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's version, he appointed that maverick academic Yanis Varoufakis as the finance minister largely because of the latter's global profile and his highly compelling skills as a communicator.
“In reality, he was, in reality, more of a star and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader claims how his finance chief possessed a personal agenda which included promoting Varoufakis's books and testing out his economic models on the nation rather than genuinely advocating the country's financial survival.
Tsipras wrote that the negotiations to prevent bankruptcy became “not just a way of achieving a better deal for the country. They were an experiment, an historic chance to demonstrate the truth of his theories.”
High-Stakes Talks
Amid tense negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
On the line was both Greece's future and the punishing austerity policies required in return for financial aid from foreign lenders.
Failed Options
Attempts to find funds elsewhere, such as an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, those excoriating bailout terms were put to a popular referendum, a move that threw Europe into a deeper existential crisis.
Although the vote was won decisively by voters who opposed the cuts, Tsipras had little option to ignore the result and negotiate a rescue deal from creditors that turned out to be tougher.
Final Straw
The ex-PM claimed that he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who drew publicity, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was game over questioning him: “Is this for real?”
Enduring Rebuke
In the memoir, the author asserts how his former ally demonstrated himself “unfit for an agreement demanding intricate and delicate handling.”
He also wrote how his aggressive approach made him increasingly isolated among peers, put Greece at risk, while helped hawks that were pushing for Grexit.
This account of events has been met with anger and stunned disbelief among certain groups, whereas the former minister has maintained a deafening silence regarding these claims.
