Within his recently unveiled autobiography, titled Ithaki, the ex- prime minister Tsipras pulls no punches as he reflects on the chaotic period during Greece's debt drama.
An Unconventional Choice
In the ex-PM's recollections, he selected the maverick economist Yanis Varoufakis to be the treasury head primarily due to the latter's global profile along with his highly compelling abilities as a speaker.
“In reality, he was, in reality, more of a celebrity and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader claims that Varoufakis had his own agenda that involved promoting his publications and testing out his game theories using Greece rather than genuinely advocating its economic stability.
He explained that the negotiations to stave off bankruptcy were “not just a way of achieving improved terms for Greece. They became an experiment, a monumental chance to demonstrate the validity of his ideas.”
High-Stakes Negotiations
During volatile negotiations, the country found itself dangerously on the brink of leaving the eurozone.
At stake was not only Greece's future but also those severe austerity measures demanded in return for financial aid by foreign lenders.
Failed Options
Efforts to secure funds elsewhere, including an urgent appeal to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the harsh conditions were subjected to a public vote, a move that plunged the EU into deeper existential crisis.
Even though the referendum was won resoundingly by voters against austerity, Tsipras was forced to reject its outcome then agree to a bailout package from foreign lenders that turned out to be more severe.
Breaking Point
Tsipras revealed that 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 covers of publications globally … it seemed he relished his new role.”
After the minister proposed a contingency plan that included establishing a secondary currency and distributing vouchers to pensioners, Tsipras said he realised it was game over questioning him: “Are you serious?”
Lasting Rebuke
Within the book, the author asserts that his former ally had proved himself to be “unsuitable for a deal that required complex and delicate handling.”
He further wrote how Varoufakis's confrontational style left him more and more alone among peers, put Greece at risk, while assisted hardliners that were advocating Grexit.
This retelling of events has provoked anger along with shock among certain groups, while the former minister has so far kept a deafening silence on the matter.
