In a freshly published autobiography, titled Ithaki, the former leader Tsipras does not hold back while he examines the turbulent period during Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's recollections, Tsipras selected the unorthodox academic Yanis Varoufakis to be his finance minister largely because of the latter's global profile along with his highly compelling skills when it came to public orator.
“In reality, he was, actually, more like a celebrity rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras suggests that Varoufakis had his own motives which included promoting Varoufakis's books and testing out his theories on the nation rather than truly advocating the country's financial survival.
He explained how those discussions to avoid bankruptcy were “not only a way to secure a better deal for the country. They became an experiment, a monumental chance to prove the validity of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster discussions, the country found itself perilously on the brink of exiting the single currency area.
On the line lay not only Greece's future but also those punishing cutbacks demanded in return for financial aid by international creditors.
Failed Options
Attempts to secure financing elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country was equivalent to throwing money in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, the harsh conditions were subjected to a popular referendum, an action that threw the EU into a further existential crisis.
Even though the referendum was carried resoundingly by those against austerity, the prime minister had little option but to ignore the result and negotiate a rescue deal with foreign lenders which turned out to be even harsher.
Final Straw
Tsipras claimed how he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who graced the front pages of publications the world over … he gave the impression he was enjoying his new role.”
When the minister outlined a contingency plan involving creating a parallel currency as well as issuing coupons to pensioners, Tsipras said he realised it was the end questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, the author concludes that Varoufakis demonstrated himself “unsuitable for an agreement demanding complex and sensitive handling.”
Tsipras also wrote how his confrontational style left him increasingly isolated with colleagues, endangered the country, while assisted hawks who were advocating Grexit.
This account of events has provoked anger along with shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
