Within his newly released memoir, called Ithaki, the former premier Tsipras pulls no punches while he revisits that turbulent period during Greece's debt drama.
An Unconventional Appointment
As per Tsipras's account, he appointed that unorthodox economist Yanis Varoufakis as the finance minister primarily due to the latter's international reputation along with Varoufakis's “extremely attractive” skills as a communicator.
“He was, actually, more of a personality and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis had a personal motives which involved advancing his publications as well as testing out his own theories using Greece rather than genuinely fighting for the country's economic stability.
He noted how those discussions to prevent bankruptcy were “not just a method of achieving a better deal for the country. They were a test, an historic opportunity to prove the truth of his ideas.”
Critical Talks
During rollercoaster negotiations, the country found itself dangerously on the brink of leaving the eurozone.
At stake lay not only the country's future and those harsh austerity policies demanded in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Helping 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, those excoriating conditions were subjected to a public vote, a move which threw Europe into a further existential crisis.
Although the vote was carried resoundingly by voters who opposed austerity, Tsipras was forced to reject its outcome then agree to a rescue deal with foreign lenders which proved to be tougher.
Final Straw
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who graced the covers of publications globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a backup strategy that included creating a secondary currency and issuing vouchers to retirees, Tsipras knew that it was game over questioning him: “Are you serious?”
Enduring Criticism
In the memoir, the author asserts that Varoufakis had proved himself “unfit for an agreement demanding intricate and sensitive management.”
He further wrote how his aggressive style left him increasingly isolated among peers, put Greece at risk, and helped hawks who were advocating Grexit.
The retelling of history has been met with fury and shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
