In a recently unveiled autobiography, named Ithaki, the former prime minister Tsipras pulls no punches while he reflects on that turbulent era during Greece's financial crisis.
An Unconventional Appointment
In Tsipras's recollections, Tsipras appointed that maverick economist Yanis Varoufakis as his finance minister mainly due to the latter's international reputation and Varoufakis's highly compelling skills when it came to speaker.
“He was, truthfully, more of a personality rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras alleges how his finance chief had his own agenda which included promoting his publications as well as experimenting with his game theories on the nation rather than truly fighting for its economic stability.
Tsipras wrote that the negotiations to stave off bankruptcy were “not just a method of achieving improved terms for the country. They were an experiment, an historic opportunity to prove the validity of his theories.”
Critical Negotiations
Amid rollercoaster discussions, the country came perilously on the brink of leaving the eurozone.
At stake was both Greece's future and the severe austerity policies required in return for bailout funds by foreign lenders.
Failed Alternatives
Attempts to find financing from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, those harsh bailout terms were subjected to a public vote, an action that threw the EU into deeper existential crisis.
Although the vote was won decisively by those who opposed austerity, the prime minister had little option but to reject its outcome then negotiate a bailout package from foreign lenders which proved to be even harsher.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the man who drew publicity, who graced the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy involving creating a parallel currency as well as distributing coupons to pensioners, the leader said he realised it was game over questioning him: “Can you be serious?”
Enduring Criticism
In the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for a deal demanding complex and delicate handling.”
He also wrote how his confrontational style made him increasingly isolated among peers, endangered the country, while assisted hawks who were advocating a Greek exit from the euro.
This retelling of events has been met with anger along with stunned disbelief in some quarters, while the former minister has so far kept a conspicuous quiet on the matter.
