In a newly released memoir, called Ithaki, the ex- prime minister Tsipras spares no criticism as he reflects on the chaotic era during Greece's economic turmoil.
A Controversial Appointment
According to the ex-PM's account, he appointed the maverick economist Yanis Varoufakis to be his finance minister largely due to the latter's international reputation along with his highly compelling abilities when it came to communicator.
“He was, truthfully, more of a personality and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader suggests that his finance chief possessed his own motives which involved promoting Varoufakis's publications as well as experimenting with his own theories on the nation rather than truly fighting for the country's financial survival.
Tsipras wrote how those negotiations to avoid insolvency were “not just a method to secure a better deal for the country. They were an experiment, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile discussions, the country came dangerously on the brink of leaving the single currency area.
At stake lay both Greece's future but also those severe austerity measures demanded in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to find financing elsewhere, including a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Helping Greece was tantamount to throwing money in the trash-can, Putin reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, those harsh bailout terms were put to a public vote, a move which threw the EU into a further crisis of identity.
Even though the vote was won decisively by voters against the cuts, the prime minister had little option to reject its outcome and negotiate a bailout package with foreign lenders that proved to be tougher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When the minister proposed a backup strategy that included establishing a secondary currency as well as distributing coupons to retirees, Tsipras knew it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the book, the author asserts how Varoufakis demonstrated himself “unfit for a deal demanding intricate and sensitive management.”
He also claimed how Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.
The account of events has been met with anger along with shock among certain groups, whereas the former minister has maintained a deafening silence on the matter.
