Within his recently unveiled memoir, titled Ithaki, the ex- leader Tsipras pulls no punches while he revisits that chaotic period during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's account, he chose that maverick economist Yanis Varoufakis as his treasury head primarily due to his worldwide fame along with Varoufakis's highly compelling skills as a public orator.
“In reality, he was, truthfully, more like a star and less of an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader alleges that Varoufakis had his own agenda which involved advancing his publications as well as experimenting with his economic models on Greece instead of genuinely fighting for its financial survival.
He noted how those discussions to prevent insolvency became “not only a way of achieving improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the validity of his economic theories.”
Critical Talks
During tense discussions, Greece found itself perilously close to leaving the single currency area.
At stake lay not only Greece's future but also those severe cutbacks demanded in return for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, those harsh bailout terms were put to a public vote, an action that threw Europe into deeper crisis of identity.
Although the referendum was carried decisively by voters who opposed austerity, Tsipras was forced but to reject its outcome then negotiate a rescue deal with foreign lenders that turned out 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 negotiation, the figure who drew media attention, who graced the covers of publications globally … it seemed he relished his new role.”
After the minister proposed a backup strategy involving creating a parallel currency and distributing vouchers to pensioners, the leader said he realised it was the end questioning him: “Can you be serious?”
Lasting Criticism
In the book, the author asserts that his former ally had proved himself to be “unfit for an agreement that required intricate and delicate management.”
He also wrote how Varoufakis's confrontational approach made him more and more alone with colleagues, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
This account of events has provoked fury and shock among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
