In a recently unveiled autobiography, named Ithaki, the ex- prime minister Tsipras pulls no punches as he examines that turbulent era during Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's recollections, he chose the maverick economist Yanis Varoufakis to be his finance minister mainly due to the latter's international reputation along with Varoufakis's very persuasive abilities as a speaker.
“In reality, he was, in reality, more of a personality rather than an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras alleges that Varoufakis possessed a personal motives which involved advancing Varoufakis's publications as well as testing out his game theories using the nation instead of truly advocating its financial survival.
Tsipras noted that the discussions to prevent insolvency were “not only 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 Talks
Amid rollercoaster discussions, the country came dangerously close to exiting the eurozone.
At stake was not only the country's future but also those harsh austerity measures required in return for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to secure funds elsewhere, including a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece was tantamount to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the punitive bailout terms were put to a popular referendum, a move which plunged Europe into a deeper crisis of identity.
Although the referendum was won decisively by those who opposed the cuts, the prime minister was forced to ignore the result and agree to a rescue deal with creditors that proved to be more severe.
Final Straw
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who graced the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
When the minister proposed a backup strategy that included establishing a parallel currency and distributing coupons to retirees, the leader knew that it was game over questioning him: “Can you be serious?”
Lasting Criticism
Within the book, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for an agreement demanding intricate and sensitive management.”
He further claimed that his aggressive approach made him increasingly isolated among peers, put Greece at risk, and assisted hardliners that were pushing for a Greek exit from the euro.
This account of events has been met with anger along with shock among certain groups, while the former minister has so far kept a conspicuous quiet on the matter.
