In a newly released autobiography, called Ithaki, the former prime minister Tsipras does not hold back while he revisits the chaotic period of Greece's economic turmoil.
A Controversial Choice
As per Tsipras's version, Tsipras appointed that maverick academic Yanis Varoufakis as his finance minister primarily due to the latter's global profile and his very persuasive skills when it came to speaker.
“He was, actually, more like a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader alleges that Varoufakis had a personal motives that included advancing Varoufakis's publications as well as experimenting with his theories on the nation rather than truly advocating the country's economic stability.
He wrote that those talks to stave off insolvency were “not only a way of achieving improved terms for the country. They were an experiment, an historic chance to demonstrate the truth of his economic theories.”
Critical Negotiations
During tense negotiations, the country came dangerously close to leaving the single currency area.
On the line lay both Greece's destiny and the severe austerity measures demanded in exchange for financial aid from international creditors.
Failed Alternatives
Attempts to find financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the harsh bailout terms were subjected to a public vote, an action which threw the EU into a further crisis of identity.
Although the referendum was carried decisively by those against austerity, Tsipras had little option but to ignore the result then negotiate a rescue deal with foreign lenders that proved to be more severe.
Breaking Point
Tsipras claimed that he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who attracted media attention, who graced the covers of magazines globally … he gave the impression he relished his new role.”
After the minister outlined a backup strategy involving establishing a parallel currency as well as distributing vouchers to retirees, the leader said he realised it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras concludes how his former ally demonstrated himself to be “unfit for a deal that required intricate and delicate management.”
Tsipras further claimed how Varoufakis's aggressive style made him increasingly isolated with colleagues, endangered the country, and helped hawks who were pushing for a Greek exit from the euro.
The account of events has provoked fury and shock in some quarters, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
