Within his freshly published memoir, titled Ithaki, the ex- leader Tsipras pulls no punches as he reflects on that turbulent period of Greece's financial crisis.
A Controversial Choice
As per Tsipras's recollections, he selected that maverick academic Yanis Varoufakis to be the finance minister largely due to the latter's global profile and his “extremely attractive” abilities as a public orator.
“He was, truthfully, more of a star rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims that Varoufakis possessed his own motives that involved advancing Varoufakis's publications and experimenting with his own theories using the nation rather than genuinely advocating its economic stability.
He explained how those talks to stave off insolvency were “not only a way of achieving a better deal for the country. They became an experiment, a monumental chance to demonstrate the validity of his ideas.”
Critical Talks
Amid tense negotiations, the country came perilously close to leaving the single currency area.
On the line lay not only Greece's future but also those severe austerity measures demanded in return for bailout funds by foreign lenders.
Failed Options
Attempts to find funds elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, the punitive bailout terms were subjected to a popular referendum, a move that threw the EU into deeper existential crisis.
Even though the referendum was won decisively by those who opposed austerity, the prime minister had little option to reject its outcome then negotiate a rescue deal from foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew publicity, who graced the front pages of magazines the world over … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy that included establishing a parallel currency as well as distributing coupons to pensioners, Tsipras knew that it was game over questioning him: “Is this for real?”
Lasting Criticism
In the book, the author concludes how his former ally demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras further claimed how his confrontational approach made him increasingly isolated among peers, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
The retelling of history has provoked anger along with shock among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
