In a freshly published autobiography, called Ithaki, the ex- leader Tsipras spares no criticism as he examines that turbulent period of Greece's financial crisis.
A Controversial Appointment
In the ex-PM's recollections, he chose that unorthodox academic Yanis Varoufakis to be his treasury head mainly due to the latter's global profile along with Varoufakis's “extremely attractive” skills when it came to speaker.
“He was, truthfully, more of a celebrity and less of an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras claims how his finance chief had a personal motives that involved advancing Varoufakis's books and experimenting with his game theories using Greece instead of truly advocating its financial survival.
Tsipras explained how those discussions to stave off bankruptcy became “not only a method to secure improved terms for the country. They became a test, a monumental chance to prove the truth of Varoufakis's ideas.”
Critical Talks
During rollercoaster negotiations, Greece found itself dangerously close to leaving the eurozone.
On the line was not only Greece's future but also the punishing austerity policies required in return for bailout funds from foreign lenders.
Failed Alternatives
Efforts to find funds elsewhere, such as an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Assisting Greece would be equivalent to throwing money in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Referendum and Reversal
That summer, the excoriating bailout terms were put to a popular referendum, an action that threw Europe into a deeper crisis of identity.
Although the referendum was carried decisively by voters against austerity, the prime minister had little option but to reject its outcome then negotiate a bailout package with foreign lenders that turned out to be more severe.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the covers of magazines globally … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy that included establishing a secondary currency and distributing coupons to pensioners, the leader said he realised that it was game over and asked him: “Is this for real?”
Enduring Rebuke
Within the memoir, the author concludes how Varoufakis had proved himself to be “unfit for a deal that required complex and sensitive handling.”
Tsipras also wrote that Varoufakis's aggressive approach left him more and more alone with colleagues, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
The retelling of history has been met with fury along with shock in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
