In a recently unveiled memoir, called Ithaki, the former leader Tsipras spares no criticism while he revisits that turbulent period of Greece's debt drama.
A Controversial Choice
According to the ex-PM's account, Tsipras appointed that unorthodox academic Yanis Varoufakis as his finance minister mainly due to his worldwide fame and Varoufakis's highly compelling skills when it came to public orator.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Agendas
Tsipras claims how Varoufakis possessed his own motives which included promoting Varoufakis's books and experimenting with his game theories using Greece rather than truly fighting for the country's financial survival.
He wrote how those discussions to stave off bankruptcy became “not just a method to secure improved terms for the country. They became an experiment, an historic chance to prove the truth of his economic theories.”
High-Stakes Negotiations
During volatile discussions, Greece found itself perilously close to leaving the single currency area.
On the line was both the country's destiny and the harsh austerity policies required in exchange for rescue loans from foreign lenders.
Failed Alternatives
Efforts to secure funds elsewhere, such as an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece would be equivalent to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
That summer, the harsh conditions were subjected to a popular referendum, a move which plunged the EU into deeper crisis of identity.
Although the referendum was carried decisively by those who opposed austerity, Tsipras was forced to reject its outcome then agree to a rescue deal with foreign lenders that proved to be more severe.
Breaking Point
Tsipras claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy that included creating a parallel currency and issuing coupons to pensioners, the leader knew it was game over and asked him: “Are you serious?”
Enduring Criticism
Within the book, Tsipras concludes how Varoufakis had proved himself to be “unsuitable for an agreement that required intricate and delicate management.”
He further wrote how his confrontational approach left him increasingly isolated among peers, put Greece at risk, and helped hawks who were advocating Grexit.
The account of events has provoked fury along with stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence regarding these claims.
