Within his newly released autobiography, called Ithaki, the ex- prime minister Tsipras pulls no punches while he revisits the turbulent period of Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's account, he selected the unorthodox economist Yanis Varoufakis to be his finance minister primarily because of his international reputation along with Varoufakis's “extremely attractive” skills as a communicator.
“In reality, he was, truthfully, more of a celebrity rather than an economist,” stated Tsipras.
Conflicting Priorities
Tsipras alleges how Varoufakis possessed his own agenda which involved advancing Varoufakis's books and experimenting with his economic models using Greece instead of truly advocating the country's economic stability.
He explained that the discussions to prevent insolvency became “not only a method of achieving improved terms for the country. They became an experiment, an historic chance to prove the validity of his theories.”
Critical Negotiations
Amid volatile discussions, Greece found itself perilously on the brink of leaving the single currency area.
On the line lay not only Greece's future and those harsh austerity measures required in exchange for financial aid from foreign lenders.
Failed Options
Efforts to secure funds from other sources, including a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, those excoriating conditions were subjected to a popular referendum, a move that plunged Europe into further existential crisis.
Even though the referendum was carried decisively by those against the cuts, the prime minister had little option to ignore the result then agree to a bailout package with creditors which proved to be more severe.
Final Straw
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who drew publicity, who graced the covers of magazines the world over … he gave the impression he relished his new role.”
After the minister outlined a backup strategy involving creating a parallel currency and distributing coupons to pensioners, Tsipras knew it was game over questioning Varoufakis: “Is this for real?”
Lasting Criticism
In the book, the author asserts that his former ally had proved himself to be “unsuitable for an agreement demanding complex and delicate handling.”
He further wrote how his aggressive approach made him more and more alone among peers, put Greece at risk, and assisted hardliners that were advocating a Greek exit from the euro.
The retelling of history has provoked fury and shock in some quarters, while the former minister has maintained a deafening silence regarding these claims.
