Within his recently unveiled autobiography, titled Ithaki, the ex- leader Tsipras does not hold back while he examines that chaotic period during Greece's debt drama.
An Unconventional Appointment
As per Tsipras's account, Tsipras chose that maverick economist Yanis Varoufakis as his finance minister primarily because of the latter's worldwide fame and his highly compelling abilities when it came to communicator.
“In reality, he was, in reality, more of a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader claims that his finance chief had a personal agenda that included advancing his publications as well as testing out his own game theories on the nation instead of truly advocating its economic stability.
He wrote that the discussions to avoid insolvency were “not just a method to secure improved terms for Greece. They became a test, an historic chance to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
During rollercoaster discussions, Greece came perilously close to exiting the single currency area.
On the line lay not only Greece's destiny and the harsh austerity policies required in exchange for rescue loans by international creditors.
Failed Options
Attempts to find financing elsewhere, such as an urgent appeal to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country was tantamount to tossing cash into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the punitive bailout terms were subjected to a public vote, an action that plunged the EU into a further existential crisis.
Although the referendum was carried resoundingly by voters against austerity, the prime minister was forced but to ignore the result then negotiate a rescue deal with creditors that turned out to be more severe.
Final Straw
The ex-PM revealed that he started questioning his finance minister relatively soon.
“He was the face of negotiation, the man who drew publicity, who graced the covers of publications the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included establishing a secondary currency and distributing coupons to pensioners, the leader said he realised it was game over questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and delicate management.”
He further wrote that Varoufakis's confrontational approach left him more and more alone with colleagues, put Greece at risk, and assisted hawks who were pushing for a Greek exit from the euro.
This account of events has provoked fury along with stunned disbelief in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.
