In a newly released autobiography, called Ithaki, the ex- prime minister Tsipras pulls no punches as he examines that chaotic period of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's account, Tsipras appointed the maverick academic Yanis Varoufakis to be his treasury head mainly due to the latter's global profile along with Varoufakis's highly compelling abilities when it came to public orator.
“He was, in reality, more like a star and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
The former leader claims how his finance chief possessed a personal agenda which included advancing Varoufakis's publications as well as experimenting with his own economic models on Greece instead of truly fighting for the country's financial survival.
He noted how the discussions to stave off bankruptcy became “not just a method of achieving a better deal for the country. They were an experiment, a monumental chance to prove the truth of his ideas.”
High-Stakes Negotiations
Amid volatile discussions, the country came perilously on the brink of leaving the single currency area.
At stake was not only Greece's destiny and the harsh austerity policies demanded in return for bailout funds from foreign lenders.
Failed Options
Efforts to secure funds from other sources, including an urgent plea to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece was tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those harsh conditions were subjected to a popular referendum, an action that threw Europe into deeper crisis of identity.
Although the vote was won decisively by those who opposed the cuts, the prime minister had little option to ignore the result and negotiate a bailout package from creditors that proved to be tougher.
Final Straw
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the face of the talks, the figure who attracted publicity, who appeared on the covers of publications globally … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a contingency plan that included establishing a parallel currency and issuing vouchers to retirees, Tsipras knew that it was the end questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author concludes that Varoufakis had proved himself to be “unsuitable for a deal demanding complex and sensitive management.”
He also wrote how his aggressive style left him increasingly isolated among peers, endangered the country, while helped hawks who were advocating a Greek exit from the euro.
The account of history has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.
