In a freshly published autobiography, named Ithaki, the former leader Tsipras pulls no punches while he examines the chaotic period during Greece's economic turmoil.
A Controversial Choice
According to the ex-PM's recollections, he chose the unorthodox economist Yanis Varoufakis as his finance minister primarily due to his worldwide fame and his highly compelling skills as a speaker.
“In reality, he was, truthfully, more of a celebrity and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras suggests that Varoufakis possessed his own motives that included promoting Varoufakis's books as well as experimenting with his own theories on the nation rather than genuinely advocating the country's economic stability.
Tsipras wrote that the discussions to stave off bankruptcy became “not just a method to secure a better deal for the country. They became an experiment, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Talks
Amid tense discussions, the country came perilously on the brink of leaving the eurozone.
On the line lay not only the country's destiny and those punishing austerity policies demanded in exchange for rescue loans by international creditors.
Failed Options
Efforts to find funds elsewhere, such as an urgent appeal to Russia to purchase Greek bonds, were rejected.
Helping the indebted country was equivalent to tossing cash in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a popular referendum, an action that plunged the EU into deeper existential crisis.
Although the referendum was carried decisively by those against the cuts, the prime minister was forced but to ignore the result and agree to a bailout package with foreign lenders that proved to be even harsher.
Final Straw
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included establishing a parallel currency as well as distributing vouchers to retirees, the leader said he realised that it was the end questioning him: “Can you be serious?”
Enduring Criticism
Within the book, Tsipras asserts how Varoufakis demonstrated himself “unsuitable for an agreement demanding complex and sensitive handling.”
He further claimed how Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, while helped hardliners that were advocating a Greek exit from the euro.
This retelling of events has been met with fury and stunned disbelief in some quarters, while Varoufakis has maintained a conspicuous quiet on the matter.
