In a newly released autobiography, called Ithaki, the former prime minister Tsipras does not hold back while he examines the turbulent era during Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, Tsipras chose the unorthodox academic Yanis Varoufakis as his finance minister mainly because of the latter's global profile and his very persuasive skills as a public orator.
“He was, in reality, more like a star and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader claims that Varoufakis possessed a personal motives that involved advancing his books and testing out his theories on Greece rather than truly fighting for the country's financial survival.
He explained that the negotiations to stave off insolvency became “not just a way of achieving improved terms for Greece. They were an experiment, a monumental opportunity to prove the truth of his economic theories.”
Critical Negotiations
Amid rollercoaster negotiations, Greece came dangerously on the brink of leaving the eurozone.
At stake was both the country's destiny and the severe austerity policies required in return for bailout funds by foreign lenders.
Failed Options
Efforts to secure financing from other sources, including a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and Reversal
That summer, the harsh conditions were subjected to a popular referendum, an action that threw Europe into a deeper existential crisis.
Even though the referendum was won resoundingly by those who opposed austerity, Tsipras had little option to reject its outcome then agree to a rescue deal from foreign lenders that proved to be more severe.
Breaking Point
Tsipras revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
When Varoufakis proposed a backup strategy that included creating a parallel currency and distributing coupons to pensioners, Tsipras said he realised it was the end questioning him: “Can you be serious?”
Enduring Criticism
In the book, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and delicate management.”
He also claimed that Varoufakis's aggressive approach left him increasingly isolated among peers, endangered the country, while helped hawks that were pushing for Grexit.
This retelling of history has been met with fury and shock in some quarters, while the former minister has so far kept a deafening silence regarding these claims.
