In a recently unveiled memoir, named Ithaki, the former premier Tsipras does not hold back while he examines the turbulent period during Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's recollections, he chose the maverick economist Yanis Varoufakis as the treasury head mainly due to his worldwide fame and Varoufakis's highly compelling abilities as a communicator.
“He was, actually, more like a star rather than an economist,” recalled Tsipras.
Conflicting Agendas
The former leader alleges that his finance chief had a personal motives that involved advancing his publications and testing out his economic models on the nation rather than genuinely fighting for its economic stability.
Tsipras explained that the negotiations to prevent bankruptcy were “not only a method to secure improved terms for the country. They were a test, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”
Critical Talks
Amid tense negotiations, Greece found itself perilously on the brink of exiting the eurozone.
At stake was both the country's future but also the severe cutbacks demanded in return for financial aid from foreign lenders.
Failed Options
Efforts to find financing from other sources, such as an urgent plea to Russia to purchase Greek bonds, went unanswered.
Helping Greece would be equivalent to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, the excoriating bailout terms were subjected to a popular referendum, a move which threw Europe into deeper existential crisis.
Even though the vote was won resoundingly by those against austerity, the prime minister had little option but to reject its outcome then agree to a bailout package with creditors that proved to be tougher.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who drew media attention, who appeared on the front pages of publications globally … he gave the impression he was enjoying his new role.”
When the minister proposed a contingency plan that included establishing a parallel currency as well as issuing vouchers to retirees, the leader knew it was game over and asked him: “Are you serious?”
Enduring Rebuke
Within the memoir, the author asserts that Varoufakis demonstrated himself “unfit for a deal demanding complex and delicate management.”
He also claimed how his confrontational style left him more and more alone with colleagues, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
The account of history has been met with anger and shock in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
