Within his newly released autobiography, titled Ithaki, the ex- premier Tsipras pulls no punches as he examines that turbulent period of Greece's financial crisis.
An Unconventional Choice
According to Tsipras's account, he chose the unorthodox academic Yanis Varoufakis as his finance minister mainly because of the latter's international reputation along with his highly compelling skills as a public orator.
“In reality, he was, actually, more of a personality and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader claims that Varoufakis possessed his own agenda that involved advancing Varoufakis's publications as well as testing out his own economic models on Greece rather than truly advocating the country's financial survival.
Tsipras noted that the talks to stave off insolvency became “not only a method to secure improved terms for Greece. They were an experiment, a monumental opportunity to prove the truth of his ideas.”
High-Stakes Talks
During rollercoaster negotiations, the country found itself dangerously on the brink of leaving the eurozone.
On the line was not only Greece's future and those punishing cutbacks demanded in return for rescue loans from foreign lenders.
Failed Options
Attempts to find funds elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, were rejected.
Assisting Greece would be tantamount to tossing cash in the trash-can, Putin reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, those harsh bailout terms were put to a public vote, a move which plunged the EU into a further existential crisis.
Although the referendum was won resoundingly by voters against the cuts, Tsipras was forced to ignore the result then agree to a bailout package from creditors which proved to be tougher.
Final Straw
Tsipras claimed how he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who drew media attention, who appeared on the covers of publications the world over … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy involving creating a secondary currency and issuing coupons to pensioners, the leader said he realised that it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
Within the memoir, Tsipras asserts that Varoufakis had proved himself to be “unfit for a deal demanding complex and delicate management.”
He also wrote how his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks that were advocating Grexit.
This account of history has been met with anger and stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
