Within his newly released personal account, called Ithaki, the former prime minister Tsipras pulls no punches while he examines that chaotic era during Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's account, he appointed the maverick academic Yanis Varoufakis as the finance minister largely due to his global profile along with his very persuasive abilities as a public orator.
“In reality, he was, actually, more like a personality and less of an economist,” recalled Tsipras.
Conflicting Priorities
The former leader suggests how his finance chief possessed a personal agenda that involved advancing Varoufakis's publications as well as experimenting with his economic models using Greece rather than truly fighting for its financial survival.
Tsipras explained how those discussions to prevent insolvency became “not just a method to secure a better deal for Greece. They were an experiment, an historic chance to prove the validity of his ideas.”
High-Stakes Talks
During rollercoaster negotiations, Greece came dangerously close to leaving the eurozone.
At stake lay not only the country's future and the severe austerity policies required in exchange for financial aid by foreign lenders.
Failed Options
Attempts to find financing elsewhere, including a desperate appeal to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, the harsh conditions were put to a popular referendum, a move which threw Europe into further existential crisis.
Even though the vote was carried resoundingly by those against the cuts, the prime minister had little option to ignore the result and agree to a bailout package from creditors which turned out to be tougher.
Breaking Point
Tsipras revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the man who attracted media attention, who graced the front pages of magazines globally … he gave the impression he relished the spotlight.”
After Varoufakis proposed a contingency plan involving creating a secondary currency as well as issuing coupons to retirees, the leader knew that it was the end and asked him: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes that his former ally had proved himself to be “unsuitable for an agreement that required intricate and delicate management.”
Tsipras further wrote how Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, while assisted hawks that were pushing for a Greek exit from the euro.
This account of history has provoked anger along with shock among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
