Within his freshly published memoir, titled Ithaki, the former premier Tsipras pulls no punches while he revisits that chaotic era during Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's account, he chose the maverick economist Yanis Varoufakis to be the finance minister primarily because of his international reputation along with his “extremely attractive” skills when it came to communicator.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader suggests that his finance chief had his own agenda that involved advancing Varoufakis's books and testing out his theories using Greece instead of truly advocating its financial survival.
He wrote how those talks to avoid bankruptcy were “not just a way of achieving improved terms for the country. They became an experiment, an historic chance to demonstrate the validity of Varoufakis's ideas.”
Critical Negotiations
During volatile negotiations, the country found itself perilously close to exiting the single currency area.
On the line was both Greece's destiny and the harsh cutbacks required in return for rescue loans from foreign lenders.
Failed Options
Efforts to secure financing elsewhere, such as an urgent plea to the Kremlin to buy Greek bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, the punitive bailout terms were subjected to a public vote, an action that plunged the EU into further existential crisis.
Even though the vote was carried decisively by those against the cuts, Tsipras had little option but to ignore the result and negotiate a bailout package with creditors which turned out to be even harsher.
Final Straw
Tsipras claimed how he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who attracted media attention, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
After the minister proposed a contingency plan involving creating a parallel currency and issuing vouchers to pensioners, Tsipras knew that it was the end questioning him: “Is this for real?”
Enduring Rebuke
Within the book, the author concludes that his former ally had proved himself to be “unfit for an agreement that required intricate and delicate handling.”
Tsipras further wrote how Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, while assisted hardliners who were advocating Grexit.
This account of events has been met with anger and shock among certain groups, while the former minister has so far kept a deafening silence on the matter.
