Within his recently unveiled memoir, titled Ithaki, the former prime minister Tsipras spares no criticism as he examines that turbulent era of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's account, he appointed the unorthodox academic Yanis Varoufakis to be his finance minister mainly due to the latter's international reputation along with his “extremely attractive” skills when it came to speaker.
“In reality, he was, truthfully, more of a personality rather than an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests that his finance chief possessed his own agenda that involved promoting his publications and testing out his game theories using Greece rather than genuinely fighting for its economic stability.
Tsipras noted how the negotiations to prevent insolvency became “not just a way of achieving improved terms for the country. They became an experiment, an historic opportunity to prove the validity of his theories.”
Critical Talks
Amid tense discussions, Greece came perilously close to exiting the eurozone.
At stake was not only Greece's future and the harsh austerity policies required in return for rescue loans by foreign lenders.
Failed Options
Efforts to find financing from other sources, including a desperate appeal to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, the punitive conditions were subjected to a popular referendum, an action which plunged the EU into a further existential crisis.
Although the vote was carried decisively by those who opposed the cuts, Tsipras had little option but to reject its outcome then negotiate a rescue deal with creditors which proved to be tougher.
Final Straw
The ex-PM revealed how he began to doubt his finance minister quite early on.
“He was the face of negotiation, the man who drew media attention, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy involving establishing a secondary currency and distributing coupons to pensioners, Tsipras said he realised that it was game over questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, the author asserts that Varoufakis had proved himself to be “unfit for a deal demanding intricate and delicate handling.”
Tsipras also wrote how his aggressive approach made him more and more alone with colleagues, put Greece at risk, and assisted hardliners who were pushing for a Greek exit from the euro.
This retelling of history has been met with fury along with stunned disbelief in some quarters, while the former minister has maintained a deafening silence on the matter.
