In a newly released autobiography, named Ithaki, the ex- leader Tsipras does not hold back while he reflects on that chaotic period during Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's account, he chose the unorthodox economist Yanis Varoufakis to be his finance minister mainly because of the latter's international reputation and Varoufakis's highly compelling skills as a communicator.
“In reality, he was, actually, more like a star and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader suggests how his finance chief possessed a personal agenda that involved advancing his books as well as experimenting with his own game theories using Greece instead of truly fighting for its financial survival.
He explained how those negotiations to prevent insolvency were “not only a method of achieving improved terms for the country. They became an experiment, a monumental chance to demonstrate the truth of his theories.”
Critical Negotiations
Amid tense discussions, the country found itself perilously close to leaving the eurozone.
On the line lay not only the country's destiny but also those punishing austerity measures demanded in return for rescue loans by international creditors.
Unsuccessful Options
Attempts to find funds elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, the harsh bailout terms were subjected to a public vote, a move which plunged the EU into a further existential crisis.
Even though the vote was won resoundingly by voters against the cuts, the prime minister was forced but to ignore the result then negotiate a bailout package from foreign lenders which turned out to be even harsher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the figure who attracted media attention, who graced the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency as well as distributing vouchers to pensioners, the leader said he realised it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, the author concludes that Varoufakis had proved himself “unfit for a deal that required intricate and delicate handling.”
Tsipras also claimed that his aggressive approach made him increasingly isolated among peers, put Greece at risk, and assisted hawks who were pushing for Grexit.
This account of events has been met with anger and stunned disbelief in some quarters, whereas the former minister has maintained a deafening silence regarding these claims.
