Within his freshly published autobiography, named Ithaki, the former prime minister Tsipras pulls no punches while he reflects on that chaotic era during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's account, Tsipras appointed that maverick economist Yanis Varoufakis as the treasury head primarily due to the latter's global profile along with his very persuasive skills when it came to communicator.
“In reality, he was, in reality, more of a personality and less of an economist,” stated Tsipras.
Clashing Priorities
The former leader suggests that his finance chief had his own motives that included promoting his books and experimenting with his own theories using the nation instead of truly advocating its financial survival.
He wrote that the negotiations to prevent bankruptcy became “not only a method to secure improved terms for Greece. They became a test, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Talks
During rollercoaster negotiations, Greece came dangerously close to leaving the eurozone.
On the line was both the country's future but also the severe austerity policies demanded in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including a desperate appeal to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, the punitive bailout terms were subjected to a popular referendum, an action which threw the EU into a further crisis of identity.
Although the vote was won resoundingly by voters who opposed the cuts, the prime minister was forced to reject its outcome then negotiate a bailout package with creditors which turned out to be even harsher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“He was the face of the talks, the man who drew publicity, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When Varoufakis proposed a contingency plan that included creating a parallel currency as well as distributing vouchers to retirees, Tsipras said he realised that it was game over and asked him: “Are you serious?”
Lasting Criticism
In the memoir, the author asserts that Varoufakis had proved himself “unfit for an agreement that required complex and sensitive management.”
He also wrote how his aggressive style made him increasingly isolated with colleagues, endangered the country, and assisted hawks that were pushing for Grexit.
This retelling of history has provoked fury and shock in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
