In a newly released autobiography, called Ithaki, the ex- leader Tsipras pulls no punches as he examines that chaotic period during Greece's debt drama.
A Controversial Choice
According to the ex-PM's version, Tsipras chose that maverick economist Yanis Varoufakis to be his finance minister mainly because of his international reputation and Varoufakis's highly compelling skills as a public orator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader alleges that Varoufakis had his own motives which included advancing Varoufakis's publications and experimenting with his own theories on Greece rather than genuinely fighting for its financial survival.
He explained how the talks to stave off bankruptcy became “not only a method of achieving a better deal for the country. They were an experiment, a monumental opportunity to prove the truth of his theories.”
Critical Talks
During rollercoaster negotiations, the country found itself perilously close to exiting the single currency area.
On the line lay both the country's destiny but also the severe cutbacks required in return for bailout funds from foreign lenders.
Failed Alternatives
Efforts to find funds from other sources, including a desperate plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the punitive bailout terms were put to a public vote, an action that threw Europe into a further existential crisis.
Although the referendum was carried resoundingly by those against the cuts, the prime minister was forced to ignore the result then agree to a rescue deal with foreign lenders that turned out to be more severe.
Breaking Point
Tsipras revealed that he started questioning his finance minister quite early on.
“He was the face of negotiation, the man who attracted media attention, who graced the front pages of publications globally … it seemed he relished his new role.”
When the minister outlined a backup strategy involving establishing a secondary currency and issuing vouchers to pensioners, the leader knew that it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the memoir, Tsipras asserts how his former ally demonstrated himself “unsuitable for an agreement that required complex and delicate handling.”
Tsipras further claimed how Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, and assisted hawks who were advocating Grexit.
This retelling of events has provoked anger along with shock in some quarters, while the former minister has kept a conspicuous quiet on the matter.
