In a recently unveiled memoir, titled Ithaki, the former prime minister Tsipras pulls no punches as he reflects on the chaotic era during Greece's financial crisis.
An Unconventional Choice
In the ex-PM's account, he chose that unorthodox academic Yanis Varoufakis as the treasury head primarily because of the latter's global profile and Varoufakis's highly compelling skills when it came to speaker.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
The former leader claims how his finance chief possessed a personal motives which included promoting his publications and experimenting with his own economic models on Greece rather than truly fighting for the country's financial survival.
He wrote how those negotiations to avoid insolvency were “not just a way to secure improved terms for Greece. They were an experiment, an historic opportunity to prove the validity of his theories.”
Critical Negotiations
During tense negotiations, Greece found itself dangerously close to leaving the eurozone.
On the line was not only the country's destiny but also the punishing cutbacks demanded in return for financial aid from international creditors.
Failed Alternatives
Efforts to find funds elsewhere, including an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, those harsh conditions were subjected to a public vote, an action which threw the EU into further existential crisis.
Even though the referendum was carried resoundingly by voters against the cuts, Tsipras was forced but to reject its outcome then agree to a rescue deal from foreign lenders that proved to be tougher.
Final Straw
The ex-PM claimed how he started questioning his finance minister relatively soon.
“He was the public image of the talks, the man who drew publicity, who graced the front pages of magazines the world over … he gave the impression he relished his new role.”
When Varoufakis proposed a backup strategy involving creating a secondary currency and distributing vouchers to pensioners, Tsipras said he realised it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, the author asserts how Varoufakis had proved himself “unfit for an agreement demanding intricate and sensitive management.”
He also wrote that his confrontational style made him more and more alone among peers, endangered the country, while assisted hawks who were advocating Grexit.
This retelling of events has been met with fury along with stunned disbelief among certain groups, while Varoufakis has so far maintained a conspicuous quiet regarding these claims.
