In a newly released autobiography, titled Ithaki, the ex- leader Tsipras does not hold back while he examines that chaotic era during Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's recollections, he chose that maverick economist Yanis Varoufakis to be his treasury head largely due to the latter's international reputation and his very persuasive abilities when it came to speaker.
“In reality, he was, truthfully, more of a personality rather than an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader claims how Varoufakis had his own motives that included advancing Varoufakis's publications as well as testing out his theories on Greece rather than truly advocating its economic stability.
Tsipras wrote that those discussions to stave off bankruptcy were “not only a method of achieving a better deal for Greece. They became a test, an historic opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
During tense negotiations, the country came perilously on the brink of exiting the eurozone.
On the line was both the country's future but also those harsh cutbacks required in exchange for financial aid by international creditors.
Unsuccessful Options
Attempts to find funds elsewhere, such as an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, the harsh conditions were put to a popular referendum, a move that threw Europe into further crisis of identity.
Although the referendum was won resoundingly by those who opposed austerity, the prime minister had little option but to ignore the result then negotiate a rescue deal from creditors that turned out to be more severe.
Breaking Point
Tsipras revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew media attention, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a contingency plan involving creating a parallel currency and distributing coupons to retirees, Tsipras said he realised that it was the end questioning Varoufakis: “Is this for real?”
Lasting Rebuke
Within the memoir, the author concludes that his former ally had proved himself to be “unsuitable for a deal that required intricate and delicate handling.”
Tsipras further wrote how Varoufakis's confrontational approach made him more and more alone with colleagues, put Greece at risk, while helped hawks who were pushing for a Greek exit from the euro.
The account of events has provoked fury along with stunned disbelief in some quarters, while the former minister has kept a conspicuous quiet on the matter.
