In a newly released autobiography, called Ithaki, the former premier Tsipras spares no criticism as he revisits the chaotic period of Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's version, Tsipras chose the unorthodox academic Yanis Varoufakis as his finance minister mainly because of his global profile and Varoufakis's “extremely attractive” skills when it came to communicator.
“In reality, he was, actually, more like a star and less of an economist,” stated Tsipras.
Conflicting Agendas
Tsipras claims how his finance chief possessed his own agenda which included advancing his books and experimenting with his own theories using Greece rather than genuinely fighting for the country's financial survival.
Tsipras noted how those negotiations to avoid bankruptcy became “not just a method of achieving improved terms for Greece. They were a test, an historic opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
During volatile discussions, Greece came perilously close to leaving the single currency area.
At stake lay both Greece's future but also those harsh austerity measures demanded in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to find financing elsewhere, such as a desperate plea to Russia to purchase Greek bonds, went unanswered.
Helping Greece was equivalent to throwing money into the garbage, Putin reportedly informed Tsipras in Moscow.
Referendum and U-Turn
That summer, those harsh conditions were put to a popular referendum, an action that plunged Europe into deeper existential crisis.
Although the referendum was won resoundingly by voters who opposed the cuts, Tsipras had little option to ignore the result and negotiate a bailout package from creditors which turned out to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the face of the talks, the figure who attracted media attention, who graced the covers of magazines the world over … it seemed he relished the spotlight.”
After the minister proposed a contingency plan that included creating a parallel currency and issuing vouchers to retirees, the leader knew it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
In the memoir, the author asserts that his former ally had proved himself to be “unsuitable for a deal demanding intricate and delicate management.”
Tsipras further wrote how his confrontational style made him increasingly isolated among peers, put Greece at risk, while helped hardliners that were pushing for Grexit.
This retelling of history has been met with fury and shock in some quarters, whereas Varoufakis has kept a conspicuous quiet on the matter.
