Within his newly released autobiography, named Ithaki, the ex- prime minister Tsipras does not hold back as he reflects on that chaotic era of Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's version, he selected that maverick academic Yanis Varoufakis as his finance minister mainly because of his international reputation along with Varoufakis's “extremely attractive” abilities when it came to public orator.
“He was, truthfully, more like a star and less of an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader suggests how his finance chief possessed his own motives that included advancing his books and testing out his game theories using the nation instead of genuinely advocating its financial survival.
Tsipras noted that those discussions to avoid bankruptcy were “not only a method to secure improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of his ideas.”
High-Stakes Negotiations
During volatile negotiations, Greece came perilously close to leaving the single currency area.
On the line lay not only Greece's destiny but also the severe austerity policies required in exchange for rescue loans from foreign lenders.
Failed Alternatives
Efforts to secure funds elsewhere, including an urgent plea to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece was equivalent to throwing money into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, those harsh bailout terms were put to a public vote, an action that plunged Europe into a further existential crisis.
Even though the vote was won decisively by voters against the cuts, the prime minister had little option but to ignore the result then negotiate a bailout package from creditors which proved to be more severe.
Breaking Point
The ex-PM revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew publicity, who appeared on the covers of magazines the world over … it seemed he relished the spotlight.”
After the minister proposed a contingency plan involving establishing a secondary currency and distributing coupons to pensioners, Tsipras knew that it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras asserts how his former ally had proved himself to be “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras also wrote that his confrontational approach left him increasingly isolated with colleagues, endangered the country, and assisted hawks who were pushing for a Greek exit from the euro.
The account of history has been met with fury along with stunned disbelief among certain groups, whereas Varoufakis has maintained a conspicuous quiet on the matter.
