In a recently unveiled personal account, called Ithaki, the ex- prime minister Tsipras pulls no punches while he reflects on that chaotic period of Greece's economic turmoil.
A Controversial Appointment
According to the ex-PM's account, Tsipras chose the unorthodox economist Yanis Varoufakis as the finance minister largely because of the latter's worldwide fame and Varoufakis's very persuasive skills as a speaker.
“He was, actually, more of a personality and less of an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis possessed a personal motives that included advancing his books as well as experimenting with his theories using the nation instead of genuinely advocating the country's economic stability.
Tsipras explained that those discussions to stave off bankruptcy became “not just a way of achieving a better deal for the country. They became a test, an historic chance to prove the validity of his economic theories.”
High-Stakes Talks
During tense discussions, Greece found itself perilously close to exiting the single currency area.
On the line was not only Greece's future and those punishing cutbacks demanded in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to secure financing from other sources, including an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, those harsh bailout terms were put to a popular referendum, an action which plunged Europe into further crisis of identity.
Even though the vote was won resoundingly by voters against austerity, Tsipras had little option to ignore the result and negotiate a bailout package from creditors that proved to be even harsher.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who drew media attention, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
After the minister outlined a backup strategy involving establishing a secondary currency as well as issuing coupons to pensioners, the leader knew that it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how his former ally had proved himself “unsuitable for a deal that required complex and delicate management.”
He further claimed that his confrontational approach left him increasingly isolated among peers, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
This account of history has provoked anger and shock among certain groups, while Varoufakis has so far maintained a conspicuous quiet on the matter.
