In a newly released autobiography, named Ithaki, the ex- prime minister Tsipras pulls no punches while he reflects on that turbulent era during Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's account, he chose that maverick economist Yanis Varoufakis as his finance minister largely because of his international reputation and his highly compelling abilities as a communicator.
“In reality, he was, actually, more like a star and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
The former leader suggests how his finance chief had his own agenda that included advancing Varoufakis's publications as well as testing out his economic models on Greece instead of truly fighting for its economic stability.
Tsipras wrote how the negotiations to stave off insolvency became “not only a way of achieving a better deal for Greece. They became a test, a monumental chance to demonstrate the truth of his theories.”
Critical Talks
During rollercoaster negotiations, the country came perilously on the brink of leaving the eurozone.
On the line lay not only Greece's future but also the severe austerity policies required in exchange for bailout funds by international creditors.
Failed Options
Attempts to secure funds elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum and Reversal
That summer, those punitive bailout terms were subjected to a popular referendum, a move that threw the EU into deeper crisis of identity.
Although the referendum was won resoundingly by those against the cuts, Tsipras was forced but to reject its outcome and agree to a rescue deal with foreign lenders that turned out to be more severe.
Final Straw
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the figure who drew media attention, who appeared on the covers of magazines the world over … it seemed he relished his new role.”
After the minister proposed a contingency plan that included establishing a secondary currency as well as distributing vouchers to retirees, the leader said he realised it was the end and asked him: “Is this for real?”
Enduring Criticism
In the book, the author asserts that his former ally demonstrated himself “unsuitable for an agreement demanding complex and sensitive handling.”
He further claimed how Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, and assisted hardliners that were pushing for a Greek exit from the euro.
The account of events has provoked anger along with shock among certain groups, whereas the former minister has maintained a deafening silence regarding these claims.
