In a freshly published autobiography, titled Ithaki, the former premier Tsipras does not hold back while he reflects on that turbulent period during Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's version, Tsipras selected the unorthodox economist Yanis Varoufakis to be his treasury head mainly due to the latter's global profile and Varoufakis's “extremely attractive” abilities as a communicator.
“He was, actually, more like a personality and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader claims that his finance chief had a personal motives that included advancing Varoufakis's publications and testing out his own economic models using Greece instead of truly fighting for the country's financial survival.
Tsipras wrote that those negotiations to prevent insolvency were “not just a way of achieving improved terms for the country. They became an experiment, an historic opportunity to demonstrate the truth of his theories.”
High-Stakes Negotiations
Amid tense discussions, Greece came perilously close to exiting the eurozone.
At stake was not only Greece's future but also the severe austerity policies demanded in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to find financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek bonds, were rejected.
Assisting Greece was tantamount to throwing money in the trash-can, Putin reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh bailout terms were subjected to a public vote, a move which threw the EU into a further existential crisis.
Even though the vote was carried decisively by those against the cuts, Tsipras was forced to reject its outcome and negotiate a rescue deal with foreign lenders that proved to be tougher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister relatively soon.
“He was the face of the talks, the figure who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as distributing coupons to pensioners, Tsipras said he realised that it was game over questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes that his former ally had proved himself to be “unsuitable for an agreement demanding intricate and sensitive handling.”
He further claimed how his aggressive approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating Grexit.
The retelling of events has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has so far maintained a deafening silence on the matter.
