Within his recently unveiled memoir, called Ithaki, the former leader Tsipras does not hold back while he revisits the chaotic era of Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, Tsipras selected the maverick economist Yanis Varoufakis as the treasury head largely due to the latter's worldwide fame along with Varoufakis's highly compelling skills when it came to public orator.
“He was, actually, more like a star rather than an economist,” stated the 51-year-old.
Conflicting Agendas
Tsipras claims that his finance chief possessed a personal agenda which involved advancing Varoufakis's books and experimenting with his theories using Greece instead of genuinely fighting for the country's financial survival.
He wrote how the negotiations to prevent insolvency were “not only a way to secure a better deal for the country. They were a test, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster discussions, Greece found itself dangerously close to exiting the single currency area.
At stake lay not only the country's destiny but also those punishing austerity policies required in return for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to secure financing from other sources, such as an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Helping Greece would be equivalent to throwing money into the garbage, Putin reportedly informed Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, the excoriating conditions were subjected to a public vote, an action which threw Europe into a further crisis of identity.
Although the referendum was carried decisively by those against austerity, the prime minister had little option to ignore the result then negotiate a rescue deal from foreign lenders that proved to be tougher.
Final Straw
Tsipras revealed how he began to doubt his finance minister relatively soon.
“He was the face of the talks, the figure who attracted publicity, who appeared on the front pages of magazines the world over … it seemed he relished his new role.”
After Varoufakis outlined a contingency plan involving establishing a secondary currency and issuing coupons to pensioners, the leader knew it was game over and asked him: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and sensitive handling.”
Tsipras further claimed how Varoufakis's confrontational approach made him more and more alone with colleagues, put Greece at risk, while helped hardliners that were pushing for a Greek exit from the euro.
This account of history has provoked anger and shock among certain groups, whereas the former minister has so far maintained a deafening silence on the matter.
