Within his newly released memoir, called Ithaki, the former prime minister Tsipras does not hold back while he examines that chaotic period during Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's account, Tsipras selected the unorthodox academic Yanis Varoufakis to be his finance minister mainly due to the latter's worldwide fame along with his very persuasive abilities as a public orator.
“He was, in reality, more like a star rather than an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader suggests how his finance chief had a personal agenda that involved advancing his publications as well as experimenting with his own game theories on the nation rather than genuinely advocating the country's economic stability.
Tsipras explained how those discussions to avoid insolvency became “not only a method to secure a better deal for Greece. They were a test, an historic opportunity to prove the validity of his theories.”
High-Stakes Negotiations
During volatile discussions, Greece came perilously on the brink of exiting the single currency area.
At stake was not only Greece's destiny but also the punishing cutbacks required in exchange for financial aid from international creditors.
Unsuccessful Options
Efforts to secure financing from other sources, such as a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the excoriating bailout terms were subjected to a public vote, an action that threw Europe into deeper crisis of identity.
Although the referendum was won decisively by those who opposed the cuts, the prime minister was forced but to ignore the result then agree to a bailout package from foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the face of negotiation, the figure who drew media attention, who appeared on the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a contingency plan involving creating a secondary currency as well as issuing vouchers to retirees, Tsipras knew it was game over and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes how Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and sensitive management.”
Tsipras also claimed that Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, and assisted hardliners that were advocating a Greek exit from the euro.
This retelling of events has provoked fury and shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
