Within his newly released autobiography, called Ithaki, the ex- prime minister Tsipras does not hold back while he examines that turbulent period during Greece's economic turmoil.
A Controversial Choice
As per Tsipras's account, Tsipras chose that maverick academic Yanis Varoufakis to be the finance minister largely because of his worldwide fame and Varoufakis's very persuasive skills as a speaker.
“He was, actually, more of a personality and less of an economist,” recalled Tsipras.
Clashing Agendas
Tsipras alleges that his finance chief had his own agenda which involved promoting his publications and experimenting with his game theories using the nation instead of genuinely advocating its financial survival.
He wrote how the talks to avoid 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 his theories.”
Critical Negotiations
Amid volatile negotiations, Greece came dangerously on the brink of leaving the single currency area.
On the line was both the country's future but also the harsh cutbacks required in return for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to secure financing from other sources, such as an urgent plea to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash into the garbage, Putin is reputed to have told Tsipras during their meeting.
Referendum Followed by Reversal
That summer, those excoriating conditions were put to a popular referendum, a move which plunged the EU into deeper existential crisis.
Even though the vote was carried resoundingly by those who opposed the cuts, Tsipras was forced to reject its outcome and agree to a rescue deal from foreign lenders which proved to be tougher.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who graced the covers of magazines the world over … it seemed he was enjoying his new role.”
When Varoufakis outlined a contingency plan that included creating a parallel currency and distributing coupons to retirees, Tsipras knew that it was the end questioning Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras concludes how Varoufakis demonstrated himself “unsuitable for an agreement demanding intricate and delicate management.”
Tsipras also wrote that his aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were advocating Grexit.
This account of events has been met with fury along with stunned disbelief among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
