Within his freshly published autobiography, called Ithaki, the ex- premier Tsipras does not hold back while he reflects on the chaotic era during Greece's financial crisis.
A Controversial Choice
As per the ex-PM's recollections, Tsipras appointed the maverick academic Yanis Varoufakis to be his finance minister largely due to his international reputation and his very persuasive abilities when it came to communicator.
“In reality, he was, in reality, more like a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims that Varoufakis possessed his own agenda which included promoting Varoufakis's publications and testing out his economic models using the nation rather than genuinely fighting for the country's financial survival.
He explained that those negotiations to stave off insolvency were “not just a method to secure improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the validity of his ideas.”
High-Stakes Negotiations
Amid tense negotiations, Greece found itself dangerously on the brink of leaving the eurozone.
At stake was both the country's future but also those punishing austerity measures required in return for financial aid from international creditors.
Failed Alternatives
Efforts to secure financing from other sources, such as a desperate plea to Russia 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 told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, those excoriating bailout terms were put to a popular referendum, a move which plunged Europe into a deeper crisis of identity.
Although the referendum was carried decisively by voters who opposed austerity, Tsipras was forced but to ignore the result and agree to a bailout package from foreign lenders that turned out to be more severe.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the face of negotiation, the figure who drew publicity, who graced the covers of magazines globally … it seemed he relished his new role.”
When the minister proposed a contingency plan that included creating a parallel currency and issuing coupons to pensioners, Tsipras knew that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras asserts that his former ally demonstrated himself to be “unfit for a deal that required complex and delicate management.”
He also wrote how Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, while helped hardliners who were pushing for Grexit.
This account of events has been met with fury along with stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
