In a recently unveiled autobiography, titled Ithaki, the ex- premier Tsipras does not hold back as he examines that turbulent era during Greece's debt drama.
A Controversial Choice
In the ex-PM's account, he chose that maverick academic Yanis Varoufakis to be the treasury head mainly because of his worldwide fame along with Varoufakis's very persuasive abilities as a public orator.
“In reality, he was, in reality, more like a star and less of an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests that his finance chief possessed his own agenda that involved promoting his publications as well as testing out his own theories using the nation instead of truly fighting for its economic stability.
He explained that those negotiations to avoid insolvency were “not only a method to secure improved terms for Greece. They were an experiment, an historic opportunity to prove the truth of Varoufakis's ideas.”
Critical Negotiations
Amid volatile discussions, the country found itself dangerously on the brink of leaving the eurozone.
On the line was not only the country's future and the harsh austerity policies demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Efforts to secure funds elsewhere, such as an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping Greece would be tantamount to tossing cash into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action which plunged Europe into further crisis of identity.
Even though the vote was carried decisively by those against the cuts, Tsipras was forced but to ignore the result then agree to a rescue deal with foreign lenders which turned out to be tougher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of publications the world over … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan that included creating a parallel currency as well as issuing coupons to retirees, Tsipras knew that it was the end questioning him: “Are you serious?”
Enduring Rebuke
Within the memoir, Tsipras concludes that Varoufakis demonstrated himself “unfit for a deal demanding complex and sensitive management.”
He further wrote how Varoufakis's aggressive style made him more and more alone among peers, put Greece at risk, and helped hawks that were advocating a Greek exit from the euro.
The account of events has provoked anger along with shock in some quarters, while the former minister has maintained a deafening silence on the matter.
