In a newly released autobiography, titled Ithaki, the ex- prime minister Tsipras pulls no punches as he revisits the turbulent period during Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's recollections, he appointed that maverick economist Yanis Varoufakis to be his finance minister mainly because of the latter's international reputation and his “extremely attractive” skills as a speaker.
“In reality, he was, truthfully, more like a star and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras suggests how his finance chief had his own agenda which included advancing Varoufakis's books as well as experimenting with his own theories on Greece instead of truly advocating the country's financial survival.
He noted that the talks to prevent bankruptcy were “not just a method to secure a better deal for Greece. They were a test, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Negotiations
During tense negotiations, Greece found itself dangerously close to exiting the single currency area.
On the line lay both Greece's destiny but also the severe austerity policies required in return for bailout funds by foreign lenders.
Failed Options
Attempts to find financing from other sources, including a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.
Assisting Greece was equivalent to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, the excoriating conditions were subjected to a popular referendum, an action that plunged the EU into a further existential crisis.
Although the referendum was carried decisively by those who opposed the cuts, the prime minister was forced but to reject its outcome and agree to a rescue deal with creditors that proved to be more severe.
Final Straw
The ex-PM revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of magazines the world over … it seemed he relished his new role.”
When the minister outlined a contingency plan involving creating a parallel currency as well as distributing vouchers to retirees, the leader said he realised that it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, Tsipras asserts how his former ally had proved himself to be “unfit for an agreement demanding intricate and delicate handling.”
He also wrote how Varoufakis's aggressive approach left him more and more alone among peers, put Greece at risk, and assisted hawks that were pushing for Grexit.
The account of history has provoked anger along with stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
