In a newly released personal account, titled Ithaki, the former premier Tsipras does not hold back while he revisits the chaotic era during Greece's financial crisis.
A Controversial Appointment
As per Tsipras's version, he chose the maverick academic Yanis Varoufakis to be his finance minister primarily because of the latter's global profile and his highly compelling abilities when it came to speaker.
“He was, actually, more of a celebrity and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
The former leader suggests that Varoufakis had his own motives that involved promoting his publications and experimenting with his game theories using Greece instead of truly fighting for the country's economic stability.
He wrote how those talks to stave off bankruptcy became “not just a way of achieving a better deal for the country. They became a test, a monumental chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece found itself dangerously on the brink of leaving the eurozone.
At stake was not only Greece's destiny but also those severe cutbacks demanded in return for rescue loans from foreign lenders.
Failed Alternatives
Efforts to find financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country would be tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Referendum and Reversal
That summer, those harsh bailout terms were subjected to a public vote, an action that threw Europe into deeper crisis of identity.
Even though the referendum was won resoundingly by voters against austerity, the prime minister was forced but to reject its outcome and agree to a rescue deal with foreign lenders which proved to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy that included creating a secondary currency and distributing coupons to pensioners, Tsipras said he realised it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the book, the author asserts that his former ally demonstrated himself “unfit for an agreement that required intricate and sensitive handling.”
He further wrote how his confrontational style made him increasingly isolated with colleagues, endangered the country, while helped hardliners that were pushing for a Greek exit from the euro.
The account of events has been met with fury along with shock among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
