In a recently unveiled autobiography, titled Ithaki, the ex- premier Tsipras pulls no punches while he examines the chaotic period of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's version, he chose the unorthodox economist Yanis Varoufakis to be the finance minister primarily because of the latter's worldwide fame and his “extremely attractive” skills as a speaker.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” recalled the 51-year-old.
Clashing Priorities
The former leader claims how his finance chief had a personal motives which involved promoting his publications and testing out his own game theories on Greece rather than truly advocating the country's financial survival.
Tsipras wrote how the talks to avoid insolvency became “not only a way to secure improved terms for Greece. They became an experiment, an historic opportunity to prove the validity of his theories.”
Critical Talks
During tense discussions, Greece came perilously close to leaving the single currency area.
At stake was both the country's destiny but also the harsh austerity policies required in return for financial aid from foreign lenders.
Unsuccessful Options
Attempts to find funds from other sources, including a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping the indebted country was equivalent to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, the punitive bailout terms were put to a popular referendum, a move which plunged Europe into a deeper crisis of identity.
Even though the vote was won decisively by voters against the cuts, the prime minister was forced but to ignore the result and agree to a bailout package with creditors that turned out to be tougher.
Breaking Point
Tsipras claimed how he started questioning his finance minister relatively soon.
“He was the face of negotiation, the figure who attracted media attention, who graced the covers of publications globally … it seemed he relished his new role.”
After the minister proposed a backup strategy involving establishing a secondary currency and issuing coupons to retirees, Tsipras knew that it was game over and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, the author concludes that his former ally demonstrated himself “unsuitable for an agreement that required complex and delicate handling.”
He further claimed that his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were advocating Grexit.
This account of events has provoked anger and shock in some quarters, whereas the former minister has so far maintained a deafening silence on the matter.
