Within his newly released autobiography, named Ithaki, the former leader Tsipras does not hold back as he reflects on the chaotic era during Greece's financial crisis.
A Controversial Appointment
According to Tsipras's account, he chose the maverick economist Yanis Varoufakis as his finance minister primarily because of his worldwide fame along with Varoufakis's highly compelling skills as a speaker.
“In reality, he was, in reality, more of a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests that his finance chief possessed a personal motives which included advancing his books as well as experimenting with his own theories on Greece instead of genuinely fighting for its financial survival.
He explained how the talks to avoid insolvency were “not just a way of achieving a better deal for the country. They became an experiment, a monumental chance to demonstrate the truth of his economic theories.”
High-Stakes Talks
Amid tense discussions, Greece found itself dangerously on the brink of leaving the single currency area.
On the line was both the country's future but also those harsh austerity measures demanded in exchange for financial aid by foreign lenders.
Failed Alternatives
Efforts to secure funds elsewhere, such as an urgent appeal to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the harsh bailout terms were subjected to a popular referendum, an action that plunged the EU into a deeper existential crisis.
Even though the referendum was carried resoundingly by those who opposed austerity, the prime minister was forced but to ignore the result then negotiate a bailout package from foreign lenders which turned out to be tougher.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the man who drew media attention, who appeared on the front pages of publications globally … he gave the impression he relished the spotlight.”
When the minister proposed a backup strategy involving creating a secondary currency and issuing vouchers to pensioners, the leader knew that it was game over and asked him: “Is this for real?”
Lasting Criticism
Within the memoir, the author asserts that Varoufakis demonstrated himself “unsuitable for a deal demanding complex and delicate management.”
He further wrote how his confrontational approach made him increasingly isolated with colleagues, endangered the country, while assisted hawks who were advocating Grexit.
This retelling of events has provoked anger and shock among certain groups, while Varoufakis has kept a deafening silence regarding these claims.
