Within his freshly published memoir, titled Ithaki, the ex- prime minister Tsipras does not hold back as he revisits the turbulent era of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's recollections, he chose the maverick academic Yanis Varoufakis to be his finance minister largely because of the latter's worldwide fame along with his highly compelling skills as a public orator.
“In reality, he was, truthfully, more of a personality rather than an economic expert,” recalled the 51-year-old.
Clashing Agendas
The former leader alleges how his finance chief had his own agenda which included advancing Varoufakis's publications as well as experimenting with his own economic models on the nation instead of genuinely advocating its financial survival.
Tsipras wrote how those negotiations to avoid insolvency were “not just a way of achieving a better deal for the country. They were an experiment, a monumental opportunity to demonstrate the truth of his theories.”
Critical Talks
Amid tense discussions, the country came dangerously close to exiting the eurozone.
At stake lay not only Greece's destiny but also those punishing austerity measures demanded in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to find funds from other sources, including an urgent plea to the Kremlin to purchase Greek bonds, went unanswered.
Assisting Greece would be equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, those harsh bailout terms were subjected to a public vote, a move which plunged Europe into deeper existential crisis.
Even though the vote was carried resoundingly by those against the cuts, the prime minister was forced but to ignore the result and agree to a bailout package from creditors which turned out to be even harsher.
Final Straw
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who graced the covers of magazines globally … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included creating a parallel currency and distributing coupons to retirees, Tsipras knew that it was game over questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, the author concludes how his former ally demonstrated himself to be “unsuitable for a deal demanding complex and sensitive management.”
He further claimed that Varoufakis's aggressive approach made him increasingly isolated with colleagues, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
The retelling of events has provoked fury and shock among certain groups, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
