In a newly released autobiography, named Ithaki, the ex- prime minister Tsipras does not hold back as he reflects on that turbulent period of Greece's debt drama.
A Controversial Appointment
As per Tsipras's account, Tsipras selected the maverick economist Yanis Varoufakis to be the finance minister largely because of the latter's worldwide fame and Varoufakis's highly compelling abilities as a speaker.
“In reality, he was, in reality, more like a personality rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras alleges how his finance chief had a personal agenda which involved promoting Varoufakis's books and experimenting with his own game theories on Greece instead of truly advocating the country's economic stability.
Tsipras wrote that those talks to stave off bankruptcy were “not only a way of achieving a better deal for the country. They were an experiment, a monumental chance to prove the truth of his ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece came dangerously on the brink of exiting the single currency area.
On the line lay not only Greece's destiny but also those severe cutbacks required in return for rescue loans from foreign lenders.
Failed Options
Efforts to find funds elsewhere, such as an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece was equivalent to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, the excoriating conditions were subjected to a public vote, an action which plunged Europe into deeper existential crisis.
Although the referendum was won decisively by voters against austerity, Tsipras had little option but to ignore the result then negotiate a bailout package with creditors which proved to be more severe.
Final Straw
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the covers of magazines the world over … he gave the impression he relished the spotlight.”
When the minister proposed a contingency plan involving creating a secondary currency as well as issuing vouchers to retirees, Tsipras knew that it was the end questioning him: “Are you serious?”
Lasting Criticism
Within the memoir, the author concludes how Varoufakis demonstrated himself “unsuitable for an agreement demanding intricate and delicate management.”
Tsipras also claimed that his confrontational approach made him more and more alone among peers, endangered the country, and helped hawks that were pushing for a Greek exit from the euro.
The account of events has provoked anger and shock in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
