In a recently unveiled memoir, named Ithaki, the ex- prime minister Tsipras pulls no punches while he revisits the turbulent period during Greece's financial crisis.
A Controversial Choice
In the ex-PM's recollections, he appointed the maverick economist Yanis Varoufakis to be his treasury head largely because of his international reputation along with his very persuasive skills as a speaker.
“In reality, he was, actually, more like a celebrity and less of an economist,” stated the 51-year-old.
Conflicting Agendas
Tsipras claims how Varoufakis possessed a personal motives which included advancing his publications as well as experimenting with his own game theories on Greece instead of truly advocating the country's financial survival.
Tsipras wrote how the discussions to avoid bankruptcy became “not only a way of achieving a better deal for the country. They were a test, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
During rollercoaster discussions, the country found itself dangerously on the brink of leaving the single currency area.
At stake lay not only the country's destiny but also the severe austerity policies demanded in return for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to find financing elsewhere, including an urgent plea to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those harsh conditions were put to a popular referendum, a move that plunged Europe into a deeper existential crisis.
Even though the vote was carried decisively by those who opposed the cuts, Tsipras was forced to reject its outcome then negotiate a bailout package from foreign lenders that proved to be tougher.
Final Straw
Tsipras claimed how he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a secondary currency and distributing coupons to retirees, the leader knew that it was the end questioning him: “Can you be serious?”
Enduring Criticism
In the book, Tsipras concludes that Varoufakis demonstrated himself “unsuitable for a deal demanding complex and delicate handling.”
He further wrote that Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were pushing for Grexit.
This account of events has been met with fury and shock among certain groups, while the former minister has so far maintained a deafening silence regarding these claims.
