Within his freshly published autobiography, named Ithaki, the former premier Tsipras does not hold back while he reflects on that chaotic era during Greece's financial crisis.
An Unconventional Choice
In the ex-PM's account, he appointed that maverick economist Yanis Varoufakis to be the finance minister mainly due to his worldwide fame and his “extremely attractive” skills as a speaker.
“He was, truthfully, more like a personality rather than an economist,” recalled Tsipras.
Conflicting Agendas
The former leader alleges how his finance chief possessed his own motives which included promoting his books as well as testing out his own theories using Greece rather than truly advocating the country's financial survival.
Tsipras explained that the negotiations to stave off insolvency were “not only a method to secure improved terms for the country. They were an experiment, an historic chance to prove the validity of his economic theories.”
High-Stakes Negotiations
During volatile negotiations, Greece came dangerously close to exiting the eurozone.
On the line lay both the country's destiny and the punishing austerity policies required in exchange for financial aid by foreign lenders.
Failed Alternatives
Efforts to secure funds from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those punitive conditions were subjected to a public vote, an action which plunged Europe into a further existential crisis.
Although the vote was carried resoundingly by voters who opposed austerity, the prime minister was forced to reject its outcome and agree to a bailout package from foreign lenders which proved to be tougher.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who drew media attention, who appeared on the covers of magazines the world over … it seemed he was enjoying his new role.”
When the minister outlined a contingency plan that included establishing a parallel currency as well as issuing vouchers to retirees, Tsipras knew it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for an agreement demanding intricate and delicate handling.”
Tsipras also claimed that Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, while helped hawks who were advocating Grexit.
This retelling of events has provoked fury and shock in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
