Within his recently unveiled autobiography, named Ithaki, the ex- premier Tsipras pulls no punches as he examines that chaotic era of Greece's economic turmoil.
A Controversial Appointment
In Tsipras's version, he chose that maverick academic Yanis Varoufakis to be his treasury head primarily due to the latter's global profile along with his highly compelling abilities when it came to public orator.
“In reality, he was, truthfully, more of a personality and less of an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras suggests that Varoufakis had a personal motives which included advancing his books as well as testing out his own game theories using the nation rather than truly advocating its financial survival.
Tsipras noted that those talks to stave off insolvency became “not just a way of achieving improved terms for the country. They became an experiment, an historic chance to prove the truth of his economic theories.”
High-Stakes Negotiations
Amid tense negotiations, the country came dangerously on the brink of leaving the eurozone.
At stake was both the country's future but also those harsh austerity policies required in return for bailout funds from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, those harsh bailout terms were put to a public vote, an action which threw Europe into a deeper existential crisis.
Although the vote was carried resoundingly by those who opposed austerity, Tsipras was forced to reject its outcome and negotiate a bailout package with foreign lenders that turned out to be tougher.
Final Straw
Tsipras revealed how he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency and issuing coupons to retirees, the leader knew that it was game over questioning him: “Is this for real?”
Enduring Criticism
In the book, the author asserts that Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and delicate management.”
He also wrote how his confrontational approach made him increasingly isolated among peers, put Greece at risk, and helped hardliners that were advocating Grexit.
This account of history has been met with anger along with stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
