Within his newly released autobiography, titled Ithaki, the former leader Tsipras does not hold back as he reflects on that turbulent era during Greece's debt drama.
A Controversial Appointment
As per Tsipras's recollections, Tsipras appointed that unorthodox economist Yanis Varoufakis to be his finance minister primarily due to the latter's global profile along with Varoufakis's very persuasive abilities when it came to communicator.
“He was, actually, more like a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader suggests how his finance chief had a personal motives that included advancing his publications as well as testing out his own theories using the nation rather than truly advocating the country's financial survival.
He explained that the talks to prevent bankruptcy became “not only a method to secure a better deal for the country. They were an experiment, an historic chance to prove the truth of Varoufakis's theories.”
High-Stakes Talks
Amid volatile discussions, Greece came perilously on the brink of exiting the single currency area.
On the line lay not only Greece's future but also those harsh cutbacks required in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to find funds elsewhere, such as a desperate appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece was equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, the harsh conditions were put to a popular referendum, an action that plunged the EU into deeper existential crisis.
Although the vote was won resoundingly by voters who opposed the cuts, the prime minister was forced but to reject its outcome then negotiate a rescue deal with foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the front pages of publications the world over … it seemed he relished the spotlight.”
When the minister proposed a backup strategy that included creating a secondary currency as well as issuing coupons to retirees, the leader knew it was the end questioning Varoufakis: “Are you serious?”
Enduring Rebuke
Within the memoir, Tsipras asserts that his former ally had proved himself to be “unsuitable for an agreement that required intricate and delicate management.”
Tsipras also wrote that Varoufakis's confrontational approach left him more and more alone with colleagues, put Greece at risk, and assisted hawks who were pushing for Grexit.
This account of history has been met with fury along with shock in some quarters, while Varoufakis has maintained a conspicuous quiet on the matter.
