Within his recently unveiled autobiography, called Ithaki, the ex- premier Tsipras pulls no punches while he reflects on that chaotic era during Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, Tsipras selected that unorthodox economist Yanis Varoufakis to be his treasury head primarily because of the latter's global profile and Varoufakis's “extremely attractive” abilities when it came to public orator.
“He was, in reality, more of a star and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader suggests that Varoufakis had his own agenda which involved promoting his publications and experimenting with his own economic models using Greece instead of truly fighting for its economic stability.
He noted that the talks to avoid bankruptcy became “not only a way of achieving improved terms for the country. They became a test, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid rollercoaster discussions, the country came perilously on the brink of exiting the eurozone.
On the line lay not only Greece's future but also those severe austerity policies demanded in exchange for bailout funds by international creditors.
Failed Alternatives
Attempts to secure financing from other sources, including a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece would be equivalent to tossing cash in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Referendum and U-Turn
That summer, the punitive conditions were subjected to a popular referendum, a move that threw the EU into a deeper crisis of identity.
Although the vote was carried decisively by those who opposed the cuts, Tsipras had little option to reject its outcome and agree to a bailout package with foreign lenders which turned out to be tougher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the man who attracted publicity, who graced the front pages of publications globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a backup strategy that included creating a secondary currency and issuing vouchers to retirees, the leader knew it was game over and asked him: “Is this for real?”
Lasting Criticism
Within the memoir, the author concludes that Varoufakis had proved himself “unsuitable for an agreement that required complex and sensitive management.”
Tsipras further claimed how his confrontational style left him more and more alone among peers, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.
The retelling of events has been met with anger along with stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet regarding these claims.
