Within his freshly published autobiography, titled Ithaki, the ex- prime minister Tsipras pulls no punches as he reflects on the chaotic period during Greece's financial crisis.
A Controversial Appointment
According to Tsipras's recollections, he chose the maverick academic Yanis Varoufakis to be the treasury head mainly due to his worldwide fame and his highly compelling skills as a communicator.
“He was, truthfully, more like a star rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras claims how Varoufakis possessed his own motives that included advancing his books and experimenting with his economic models on Greece instead of truly fighting for the country's financial survival.
Tsipras noted how those negotiations to prevent insolvency became “not only a method to secure improved terms for Greece. They became a test, a monumental chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
During volatile negotiations, the country came dangerously on the brink of leaving the eurozone.
On the line was both the country's future but also the punishing austerity policies demanded in return for rescue loans by international creditors.
Failed Options
Attempts to secure financing elsewhere, such as an urgent plea to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, the punitive conditions were subjected to a public vote, a move which threw Europe into deeper crisis of identity.
Although the vote was carried resoundingly by those who opposed austerity, the prime minister had little option but to ignore the result and agree to a rescue deal from foreign lenders that turned out to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the covers of magazines the world over … it seemed he relished his new role.”
When the minister proposed a backup strategy that included establishing a secondary currency and issuing vouchers to pensioners, the leader said he realised that it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
Within the memoir, Tsipras concludes how Varoufakis had proved himself “unfit for a deal demanding complex and sensitive management.”
Tsipras further claimed that his aggressive style made him increasingly isolated among peers, endangered the country, while assisted hawks who were advocating a Greek exit from the euro.
The retelling of history has been met with anger along with stunned disbelief in some quarters, whereas the former minister has so far maintained a conspicuous quiet on the matter.
