In a newly released memoir, called Ithaki, the former prime minister Tsipras spares no criticism as he reflects on the chaotic era of Greece's financial crisis.
A Controversial Choice
In the ex-PM's account, he selected that unorthodox academic Yanis Varoufakis as the finance minister largely due to the latter's international reputation and Varoufakis's very persuasive abilities when it came to communicator.
“In reality, he was, truthfully, more of a personality rather than an economic expert,” recalled Tsipras.
Clashing Agendas
Tsipras suggests how his finance chief possessed a personal motives which included advancing Varoufakis's books and testing out his own economic models using the nation instead of genuinely fighting for the country's economic stability.
Tsipras explained that those talks to avoid bankruptcy were “not just a method to secure a better deal for Greece. They were a test, an historic chance to prove the truth of his theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country found itself perilously on the brink of exiting the eurozone.
At stake was both Greece's destiny and the harsh cutbacks required in exchange for rescue loans by international creditors.
Unsuccessful Options
Attempts to find financing elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, the harsh conditions were put to a popular referendum, an action that threw the EU into further existential crisis.
Although the vote was carried resoundingly by those who opposed the cuts, Tsipras had little option but to ignore the result then agree to a rescue deal with foreign lenders that proved to be even harsher.
Breaking Point
Tsipras revealed how he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who drew media attention, 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 involving creating a secondary currency as well as issuing vouchers to pensioners, Tsipras knew that it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the book, the author asserts that Varoufakis had proved himself to be “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras also claimed how his aggressive approach left him increasingly isolated among peers, endangered the country, while helped hardliners who were pushing for a Greek exit from the euro.
This account of history has been met with fury along with stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
