In a recently unveiled autobiography, named Ithaki, the former premier Tsipras spares no criticism as he revisits the turbulent era of Greece's debt drama.
A Controversial Appointment
In Tsipras's recollections, Tsipras selected that maverick academic Yanis Varoufakis to be his finance minister mainly because of his international reputation and his highly compelling abilities when it came to speaker.
“He was, in reality, more of a star and less of an economist,” recalled Tsipras.
Conflicting Agendas
Tsipras claims how his finance chief possessed a personal agenda which involved promoting Varoufakis's books and experimenting with his own economic models using the nation rather than truly advocating its economic stability.
He noted how those discussions to stave off insolvency became “not only a method to secure a better deal for Greece. They became an experiment, an historic chance to demonstrate the truth of his theories.”
High-Stakes Negotiations
During tense discussions, Greece found itself perilously close to exiting the eurozone.
On the line lay not only the country's destiny and those harsh austerity policies demanded in exchange for financial aid from international creditors.
Failed Options
Efforts to secure financing elsewhere, including a desperate plea to Russia to purchase Greek bonds, were rejected.
Helping the indebted country was equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the excoriating bailout terms were put to a public vote, a move that plunged Europe into a further crisis of identity.
Even though the referendum was carried resoundingly by those against austerity, Tsipras had little option to ignore the result then negotiate a bailout package with foreign lenders that turned out to be more severe.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the man who drew publicity, who appeared on the covers of magazines globally … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy that included establishing a parallel currency as well as distributing coupons to pensioners, Tsipras knew that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, the author concludes that Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras further wrote how Varoufakis's aggressive style left him more and more alone among peers, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.
This retelling of history has been met with anger and stunned disbelief in some quarters, whereas the former minister has kept a deafening silence regarding these claims.
