In a newly released autobiography, titled Ithaki, the ex- premier Tsipras pulls no punches as he examines that turbulent era during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's recollections, he selected the maverick economist Yanis Varoufakis as the finance minister mainly because of the latter's worldwide fame along with his highly compelling skills when it came to speaker.
“In reality, he was, truthfully, more like a personality rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges how his finance chief had his own motives that included promoting Varoufakis's books as well as experimenting with his own economic models on the nation rather than genuinely advocating its economic stability.
Tsipras noted that those discussions to prevent insolvency were “not just a way of achieving improved terms for the country. They became an experiment, an historic opportunity to prove the validity of Varoufakis's theories.”
Critical Talks
During rollercoaster negotiations, the country came perilously close to exiting the eurozone.
At stake was both Greece's future and the punishing austerity policies demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, the harsh conditions were put to a popular referendum, a move which plunged Europe into a deeper existential crisis.
Even though the vote was won resoundingly by those against the cuts, Tsipras was forced to ignore the result and agree to a rescue deal with creditors that proved to be even harsher.
Breaking Point
The ex-PM claimed how he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who appeared on the front pages of publications the world over … it seemed he relished the spotlight.”
When the minister outlined a backup strategy involving creating a parallel currency and distributing vouchers to retirees, Tsipras knew it was the end questioning him: “Are you serious?”
Enduring Criticism
Within the book, Tsipras asserts how his former ally had proved himself to be “unfit for a deal demanding intricate and delicate handling.”
He further wrote how Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were pushing for a Greek exit from the euro.
The account of history has been met with anger and stunned disbelief in some quarters, while the former minister has so far maintained a conspicuous quiet on the matter.
