In a newly released autobiography, titled Ithaki, the ex- prime minister Tsipras spares no criticism while he revisits the chaotic era of Greece's debt drama.
An Unconventional Appointment
In the ex-PM's account, he appointed the maverick economist Yanis Varoufakis to be his treasury head primarily due to the latter's international reputation and Varoufakis's “extremely attractive” abilities as a speaker.
“He was, actually, more of a star rather than an economist,” stated the 51-year-old.
Conflicting Priorities
Tsipras suggests how Varoufakis possessed his own motives which involved advancing Varoufakis's publications as well as testing out his game theories using the nation instead of truly advocating its economic stability.
He wrote how those negotiations to prevent bankruptcy became “not only a way to secure a better deal for the country. They became an experiment, an historic chance to demonstrate the truth of his ideas.”
High-Stakes Talks
Amid volatile negotiations, the country found itself perilously close to exiting the single currency area.
At stake was both the country's future but also those harsh cutbacks demanded in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to secure funds from other sources, such as a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote and U-Turn
That summer, those punitive conditions were subjected to a public vote, an action which threw Europe into a deeper existential crisis.
Even though the vote was carried decisively by those against austerity, Tsipras was forced but to ignore the result and agree to a bailout package with foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of publications globally … he gave the impression he was enjoying his new role.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as distributing vouchers to retirees, the leader knew it was game over and asked Varoufakis: “Is this for real?”
Enduring Rebuke
In the book, Tsipras asserts that Varoufakis had proved himself “unfit for a deal that required intricate and delicate management.”
He also claimed how his aggressive approach left him increasingly isolated with colleagues, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.
The account of history has been met with fury and stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence on the matter.
