In a recently unveiled autobiography, named Ithaki, the former prime minister Tsipras does not hold back as he reflects on the chaotic period during Greece's economic turmoil.
A Controversial Choice
In Tsipras's recollections, Tsipras chose the unorthodox academic Yanis Varoufakis as his finance minister primarily because of his international reputation and his highly compelling skills when it came to communicator.
“He was, actually, more of a celebrity and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader alleges how Varoufakis had his own motives that involved promoting his books as well as testing out his game theories using Greece instead of truly advocating the country's financial survival.
Tsipras explained how those discussions to prevent insolvency became “not only a way of achieving a better deal for the country. They were a test, a monumental opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Talks
During tense discussions, the country came dangerously close to exiting the eurozone.
On the line lay both the country's future but also the severe austerity measures demanded in return for bailout funds by international creditors.
Failed Options
Attempts to secure funds elsewhere, such as an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping Greece was equivalent to throwing money into the garbage, Putin is reputed to have told Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the excoriating bailout terms were put to a public vote, an action that plunged the EU into deeper crisis of identity.
Even though the referendum was won resoundingly by those who opposed austerity, Tsipras was forced but to reject its outcome then negotiate a bailout package with foreign lenders that proved to be more severe.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“He was the face of the talks, the man who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
When the minister outlined a backup strategy that included establishing a parallel currency and issuing coupons to pensioners, the leader knew it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
Within the book, the author concludes that Varoufakis demonstrated himself “unfit for an agreement demanding complex and sensitive management.”
Tsipras further claimed that his confrontational style made him increasingly isolated among peers, endangered the country, while assisted hawks who were pushing for Grexit.
This account of events has provoked anger along with shock in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
