Within his recently unveiled autobiography, called Ithaki, the ex- prime minister Tsipras pulls no punches while he reflects on the turbulent era during Greece's debt drama.
A Controversial Choice
According to the ex-PM's recollections, he selected that maverick economist Yanis Varoufakis to be his finance minister largely due to the latter's international reputation and his “extremely attractive” abilities as a speaker.
“In reality, he was, actually, more of a personality rather than an economist,” wrote Tsipras.
Clashing Agendas
The former leader claims how Varoufakis possessed a personal agenda that involved advancing his publications as well as experimenting with his theories on the nation instead of genuinely fighting for its financial survival.
He wrote that those discussions to avoid bankruptcy became “not just a way of achieving a better deal for Greece. They became an experiment, an historic chance to prove the truth of Varoufakis's theories.”
High-Stakes Negotiations
During tense discussions, Greece found itself dangerously on the brink of leaving the eurozone.
On the line was not only the country's destiny but also those punishing austerity policies required in exchange for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including an urgent plea to Russia to buy Greek government bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the punitive conditions were put to a popular referendum, a move which threw the EU into a deeper existential crisis.
Although the vote was won decisively by voters who opposed austerity, the prime minister was forced to reject its outcome and negotiate a rescue deal with creditors which turned out to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who drew publicity, who graced the covers of magazines globally … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a backup strategy that included creating a secondary currency and issuing vouchers to retirees, the leader knew it was game over and asked Varoufakis: “Is this for real?”
Lasting Rebuke
Within the memoir, the author concludes how Varoufakis had proved himself to be “unfit for an agreement that required complex and sensitive management.”
Tsipras further claimed that Varoufakis's aggressive approach left him more and more alone among peers, put Greece at risk, while assisted hardliners that were pushing for a Greek exit from the euro.
This account of history has been met with fury and stunned disbelief in some quarters, while the former minister has so far kept a deafening silence regarding these claims.
