Within his newly released autobiography, named Ithaki, the ex- premier Tsipras pulls no punches as he reflects on the turbulent era of Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's recollections, Tsipras chose that maverick academic Yanis Varoufakis as the treasury head primarily due to his global profile and his “extremely attractive” skills as a speaker.
“In reality, he was, actually, more like a celebrity rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras claims how his finance chief had his own motives that included promoting his publications as well as testing out his economic models on the nation rather than genuinely fighting for its financial survival.
He noted that those talks to stave off insolvency became “not only a method to secure improved terms for Greece. They became an experiment, an historic opportunity to demonstrate the validity of his ideas.”
Critical Talks
Amid tense discussions, Greece found itself dangerously close to exiting the single currency area.
On the line was both Greece's future but also those punishing austerity policies demanded in return for financial aid from international creditors.
Failed Options
Attempts to secure funds elsewhere, including a desperate appeal to Russia to buy Greek government bonds, were rejected.
Helping Greece was tantamount to tossing cash in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those harsh bailout terms were put to a public vote, a move which plunged Europe into a further existential crisis.
Even though the vote was won decisively by those who opposed the cuts, Tsipras was forced to ignore the result then negotiate a bailout package from foreign lenders that turned out to be even harsher.
Breaking Point
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the face of the talks, the man who attracted media attention, who appeared on the covers of publications globally … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan involving creating a parallel currency and issuing vouchers to retirees, Tsipras knew that it was the end questioning him: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts that his former ally had proved himself to be “unsuitable for an agreement demanding intricate and sensitive management.”
He also claimed how Varoufakis's confrontational approach made him more and more alone with colleagues, put Greece at risk, while assisted hardliners that were advocating Grexit.
The account of history has provoked anger along with shock in some quarters, while Varoufakis has maintained a conspicuous quiet on the matter.
