Within his newly released autobiography, titled Ithaki, the ex- prime minister Tsipras pulls no punches while he examines that turbulent era during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's recollections, he appointed the unorthodox academic Yanis Varoufakis to be the treasury head primarily due to his international reputation along with his highly compelling abilities when it came to communicator.
“In reality, he was, truthfully, more like a star rather than an economist,” recalled Tsipras.
Clashing Agendas
Tsipras claims how Varoufakis possessed a personal motives that included promoting Varoufakis's books as well as experimenting with his own economic models using the nation instead of genuinely fighting for the country's financial survival.
He noted that the negotiations to stave off insolvency became “not just a method to secure a better deal for the country. They became a test, a monumental chance to demonstrate the truth of his ideas.”
Critical Talks
Amid volatile discussions, Greece found itself perilously close to leaving the eurozone.
At stake lay not only Greece's future and those punishing austerity policies required in return for financial aid by international creditors.
Failed Alternatives
Attempts to secure funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote and U-Turn
That summer, those excoriating bailout terms were subjected to a popular referendum, an action that threw Europe into a deeper crisis of identity.
Although the referendum was won decisively by those against the cuts, Tsipras had little option but to reject its outcome and agree to a rescue deal from creditors that proved to be more severe.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“He was the public image of the talks, the figure who attracted publicity, who appeared on the front pages of magazines globally … it seemed he relished the spotlight.”
When the minister proposed a backup strategy that included creating a secondary currency and distributing vouchers to pensioners, the leader said he realised it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
In the book, the author asserts that his former ally demonstrated himself “unfit for a deal that required intricate and delicate management.”
He further wrote how Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were advocating Grexit.
This account of events has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
