In a newly released autobiography, titled Ithaki, the ex- premier Tsipras spares no criticism while he reflects on the turbulent era of Greece's debt drama.
An Unconventional Choice
As per Tsipras's recollections, he selected the unorthodox academic Yanis Varoufakis to be the finance minister largely because of his international reputation along with his highly compelling skills as a public orator.
“In reality, he was, actually, more like a celebrity rather than an economic expert,” recalled Tsipras.
Conflicting Priorities
Tsipras alleges how Varoufakis had a personal agenda which involved advancing his publications and testing out his theories on Greece rather than truly advocating the country's financial survival.
He noted how those talks to avoid insolvency were “not only a way to secure improved terms for the country. They were an experiment, a monumental opportunity to prove the truth of his economic theories.”
High-Stakes Negotiations
During volatile discussions, the country came perilously on the brink of leaving the single currency area.
On the line lay not only the country's destiny but also those severe austerity measures required in return for rescue loans from foreign lenders.
Failed Options
Attempts to secure financing elsewhere, such as an urgent appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting Greece was equivalent to tossing cash into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, the punitive bailout terms were put to a public vote, an action that threw Europe into deeper crisis of identity.
Even though the referendum was won resoundingly by those against the cuts, the prime minister had little option to reject its outcome and negotiate a rescue deal with creditors that turned out to be tougher.
Final Straw
Tsipras claimed how he started questioning his finance minister quite early on.
“He was the public image of the talks, the figure who drew publicity, who graced the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan involving creating a parallel currency as well as distributing coupons to pensioners, Tsipras knew it was game over questioning Varoufakis: “Are you serious?”
Lasting Criticism
Within the memoir, the author asserts that his former ally had proved himself “unfit for a deal that required intricate and sensitive handling.”
Tsipras also wrote that Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
The account of history has been met with anger and shock in some quarters, whereas the former minister has maintained a deafening silence regarding these claims.
