In a recently unveiled autobiography, titled Ithaki, the former prime minister Tsipras pulls no punches while he revisits that chaotic era of Greece's economic turmoil.
A Controversial Choice
In the ex-PM's account, Tsipras selected that unorthodox economist Yanis Varoufakis to be his treasury head primarily due to his international reputation and his very persuasive abilities when it came to communicator.
“In reality, he was, in reality, more of a personality rather than an economist,” recalled Tsipras.
Conflicting Priorities
The former leader claims that Varoufakis possessed his own agenda that included promoting his publications as well as testing out his own game theories using Greece rather than genuinely advocating its financial survival.
He wrote how the talks to prevent insolvency became “not only a way to secure improved terms for the country. They became an experiment, an historic opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Negotiations
Amid volatile discussions, the country came dangerously on the brink of leaving the eurozone.
At stake was both Greece's destiny but also the harsh austerity measures required in return for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to find funds elsewhere, including an urgent appeal to Russia to buy Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the excoriating bailout terms were subjected to a popular referendum, an action that threw the EU into a further existential crisis.
Even though the referendum was won resoundingly by voters against austerity, the prime minister was forced but to ignore the result then agree to a rescue deal with foreign lenders which proved to be more severe.
Final Straw
The ex-PM revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who attracted publicity, who graced the front pages of publications the world over … it seemed he relished his new role.”
After Varoufakis outlined a backup strategy that included creating a secondary currency and distributing vouchers to pensioners, Tsipras said he realised that it was game over questioning him: “Can you be serious?”
Enduring Criticism
Within the book, the author concludes that his former ally demonstrated himself “unfit for an agreement that required complex and delicate handling.”
Tsipras also claimed that his aggressive approach made him increasingly isolated with colleagues, endangered the country, and helped hawks who were advocating Grexit.
The retelling of events has been met with fury along with shock in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.
