Within his newly released autobiography, titled Ithaki, the ex- prime minister Tsipras spares no criticism while he revisits the turbulent era of Greece's financial crisis.
An Unconventional Choice
According to Tsipras's version, he selected that unorthodox economist Yanis Varoufakis as his finance minister primarily due to the latter's worldwide fame and his very persuasive abilities when it came to communicator.
“He was, in reality, more of a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests how his finance chief had his own agenda which included promoting Varoufakis's books as well as testing out his own theories on Greece instead of truly advocating the country's economic stability.
He noted that the negotiations to prevent insolvency were “not just a method of achieving improved terms for Greece. They were a test, a monumental chance to demonstrate the truth of his theories.”
High-Stakes Negotiations
During volatile discussions, Greece came dangerously close to exiting the eurozone.
At stake was not only the country's destiny and the punishing cutbacks demanded in exchange for financial aid by international creditors.
Unsuccessful Options
Attempts to find funds from other sources, including an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those excoriating bailout terms were put to a popular referendum, a move which plunged the EU into a further existential crisis.
Even though the vote was won resoundingly by voters against austerity, the prime minister was forced but to reject its outcome and negotiate a bailout package with foreign lenders that proved to be even harsher.
Final Straw
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who drew media attention, who graced the front pages of publications globally … it seemed he relished the spotlight.”
When Varoufakis outlined a backup strategy involving creating a secondary currency and issuing vouchers to pensioners, the leader said he realised it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author concludes that Varoufakis had proved himself to be “unsuitable for an agreement that required complex and delicate handling.”
He also wrote how his aggressive approach made him more and more alone among peers, endangered the country, while assisted hardliners that were pushing for Grexit.
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.
