In a newly released personal account, named Ithaki, the former leader Tsipras does not hold back while he examines that turbulent era during Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's account, Tsipras selected the maverick academic Yanis Varoufakis to be his finance minister mainly because of his international reputation along with his “extremely attractive” abilities as a speaker.
“He was, actually, more of a personality and less of an economist,” recalled Tsipras.
Conflicting Priorities
The former leader claims that his finance chief possessed a personal motives that included advancing Varoufakis's books and experimenting with his economic models using Greece instead of genuinely fighting for the country's economic stability.
He wrote how the talks to avoid bankruptcy were “not only a method of achieving a better deal for the country. They became an experiment, an historic chance to prove the truth of Varoufakis's ideas.”
Critical Negotiations
Amid volatile discussions, Greece came dangerously close to exiting the single currency area.
On the line lay both the country's future and the severe cutbacks required in exchange for bailout funds by foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, such as an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, the excoriating conditions were put to a popular referendum, a move that plunged Europe into a further existential crisis.
Even though the referendum was won decisively by voters against austerity, the prime minister had little option to reject its outcome then negotiate a rescue deal with creditors which turned out to be tougher.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the face of the talks, the figure who attracted media attention, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
After the minister proposed a contingency plan involving establishing a secondary currency as well as issuing vouchers to retirees, Tsipras said he realised that it was the end questioning him: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts how his former ally had proved himself “unsuitable for a deal demanding complex and delicate handling.”
Tsipras further claimed that Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, and helped hardliners that were pushing for a Greek exit from the euro.
This retelling of events has been met with anger and shock in some quarters, whereas Varoufakis has maintained a conspicuous quiet on the matter.
