In a recently unveiled autobiography, named Ithaki, the former leader Tsipras pulls no punches as he reflects on that chaotic era of Greece's financial crisis.
A Controversial Appointment
As per Tsipras's account, Tsipras chose that maverick economist Yanis Varoufakis as the treasury head primarily because of the latter's global profile along with Varoufakis's highly compelling abilities when it came to public orator.
“He was, actually, more of a star and less of an economic expert,” recalled Tsipras.
Clashing Agendas
Tsipras suggests that his finance chief possessed a personal agenda which included promoting his publications as well as testing out his theories using the nation instead of genuinely advocating its economic stability.
Tsipras noted how the talks to prevent bankruptcy were “not just a way of achieving a better deal for Greece. They were a test, a monumental chance to demonstrate the validity of his theories.”
High-Stakes Negotiations
During rollercoaster discussions, Greece found itself perilously close to exiting the single currency area.
On the line was not only Greece's future and the severe cutbacks required in exchange for financial aid by foreign lenders.
Failed Options
Efforts to find financing from other sources, including an urgent appeal to Russia to buy Greek government bonds, were rejected.
Assisting Greece was equivalent to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, those harsh conditions were subjected to a public vote, a move that plunged the EU into deeper existential crisis.
Although the vote was carried resoundingly by those against austerity, the prime minister had little option but to reject its outcome and negotiate a rescue deal from creditors which turned out to be even harsher.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
After the minister proposed a backup strategy that included establishing a secondary currency as well as issuing vouchers to pensioners, the leader said he realised it was the end and asked him: “Are you serious?”
Enduring Rebuke
Within the book, Tsipras asserts how Varoufakis had proved himself to be “unfit for an agreement that required complex and sensitive handling.”
Tsipras further claimed how his confrontational style made him more and more alone with colleagues, put Greece at risk, while assisted hawks who were pushing for Grexit.
This account of history has provoked anger and shock among certain groups, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
