In a newly released autobiography, called Ithaki, the ex- prime minister Tsipras pulls no punches as he reflects on the turbulent era of Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's account, he selected the unorthodox academic Yanis Varoufakis as his finance minister mainly because of his international reputation and Varoufakis's very persuasive skills when it came to speaker.
“He was, actually, more of a celebrity and less of an economic expert,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims that Varoufakis had his own agenda which included promoting Varoufakis's publications as well as experimenting with his theories using the nation rather than truly fighting for the country's financial survival.
He wrote that the discussions to stave off bankruptcy were “not just a way to secure improved terms for the country. They became an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
During tense discussions, the country found itself dangerously on the brink of exiting the eurozone.
At stake lay not only the country's destiny and the harsh austerity measures demanded in exchange for bailout funds from international creditors.
Failed Options
Attempts to secure financing from other sources, such as a desperate plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, the excoriating bailout terms were put to a popular referendum, an action that threw the EU into a deeper existential crisis.
Even though the vote was won resoundingly by those against the cuts, Tsipras had little option but to ignore the result and negotiate a rescue deal with creditors which turned out to be tougher.
Breaking Point
Tsipras revealed how he began to doubt his finance minister relatively soon.
“He was the face of the talks, the figure who attracted publicity, who graced the front pages of magazines the world over … it seemed he relished his new role.”
After the minister proposed a contingency plan that included establishing a parallel currency and issuing coupons to retirees, Tsipras knew it was game over and asked him: “Is this for real?”
Lasting Rebuke
Within the memoir, the author asserts how Varoufakis had proved himself “unsuitable for a deal that required complex and sensitive management.”
He also wrote how his aggressive approach made him more and more alone among peers, endangered the country, while helped hawks who were pushing for a Greek exit from the euro.
The account of events has provoked anger along with shock among certain groups, whereas the former minister has so far maintained a deafening silence on the matter.
