Within his newly released memoir, titled Ithaki, the ex- leader Tsipras does not hold back as he reflects on that turbulent period of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's version, Tsipras chose the unorthodox academic Yanis Varoufakis as his finance minister largely because of the latter's international reputation along with his very persuasive abilities as a speaker.
“In reality, he was, actually, more like a star and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras alleges how his finance chief had his own agenda which involved advancing his publications and testing out his economic models on Greece instead of genuinely fighting for the country's economic stability.
He explained that those talks to stave off insolvency were “not only a way to secure improved terms for Greece. They were an experiment, an historic opportunity to prove the truth of Varoufakis's economic theories.”
Critical Talks
Amid volatile discussions, the country came dangerously on the brink of exiting the single currency area.
At stake lay not only the country's destiny but also those harsh austerity measures demanded in exchange for bailout funds from international creditors.
Unsuccessful Options
Attempts to secure funds from other sources, such as an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, the harsh conditions were put to a popular referendum, a move which threw the EU into a deeper existential crisis.
Even though the vote was carried decisively by those who opposed austerity, the prime minister was forced to reject its outcome and negotiate a rescue deal from foreign lenders that proved to be more severe.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who attracted media attention, who graced the covers of publications globally … it seemed he relished his new role.”
When the minister proposed a backup strategy involving establishing a secondary currency as well as distributing coupons to retirees, the leader knew it was game over and asked him: “Is this for real?”
Enduring Rebuke
In the memoir, the author concludes how Varoufakis demonstrated himself “unfit for an agreement that required intricate and sensitive handling.”
Tsipras also wrote that his aggressive style left him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners who were advocating a Greek exit from the euro.
The retelling of events has been met with anger and stunned disbelief in some quarters, while Varoufakis has so far kept a conspicuous quiet on the matter.
