Within his freshly published autobiography, titled Ithaki, the former prime minister Tsipras spares no criticism while he reflects on that turbulent period of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's recollections, he selected that unorthodox economist Yanis Varoufakis to be his treasury head largely due to his international reputation along with his highly compelling abilities when it came to speaker.
“He was, in reality, more of a star and less of an economist,” stated the 51-year-old.
Clashing Agendas
The former leader suggests that his finance chief had his own agenda that included promoting Varoufakis's books and experimenting with his economic models on the nation instead of truly fighting for the country's economic stability.
Tsipras wrote that the discussions to stave off insolvency became “not only a method to secure a better deal for the country. They became a test, an historic chance to demonstrate the validity of his ideas.”
High-Stakes Negotiations
During volatile discussions, the country came perilously on the brink of exiting the eurozone.
On the line was both the country's future but also those harsh cutbacks required in return for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to secure financing from other sources, such as an urgent plea to Russia to buy Greek government bonds, were rejected.
Assisting Greece would be tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those punitive bailout terms were subjected to a public vote, a move that plunged Europe into a deeper existential crisis.
Even though the vote was carried decisively by voters who opposed the cuts, the prime minister was forced to reject its outcome then negotiate a bailout package with foreign lenders that proved to be even harsher.
Breaking Point
Tsipras claimed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who drew publicity, who appeared on the front pages of magazines the world over … it seemed he relished his new role.”
After Varoufakis outlined a contingency plan involving creating a secondary currency and issuing coupons to retirees, the leader knew that it was the end and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author concludes that his former ally had proved himself “unsuitable for an agreement that required complex and sensitive handling.”
Tsipras also claimed that his aggressive style made him increasingly isolated among peers, endangered the country, and assisted hawks who were advocating Grexit.
The account of history has been met with fury and shock among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.
