Within his recently unveiled personal account, named Ithaki, the former premier Tsipras pulls no punches as he revisits the turbulent era during Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's recollections, he chose that unorthodox academic Yanis Varoufakis to be his finance minister mainly because of his worldwide fame and Varoufakis's highly compelling abilities when it came to speaker.
“He was, actually, more of a star and less of an economic expert,” stated Tsipras.
Clashing Agendas
Tsipras suggests that Varoufakis possessed a personal motives which included promoting his publications and testing out his economic models on the nation rather than genuinely advocating its economic stability.
Tsipras explained that the negotiations to stave off bankruptcy became “not only a way of achieving a better deal for the country. They became an experiment, an historic chance to prove the validity of Varoufakis's ideas.”
High-Stakes Talks
Amid volatile discussions, Greece came dangerously on the brink of leaving the single currency area.
At stake was not only Greece's destiny and the punishing austerity measures demanded in return for bailout funds by international creditors.
Unsuccessful Options
Attempts to find funds elsewhere, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping Greece would be tantamount to tossing cash into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, those harsh bailout terms were subjected to a public vote, an action that threw the EU into a deeper crisis of identity.
Even though the vote was carried decisively by those against the cuts, Tsipras had little option but to ignore the result then agree to a bailout package from foreign lenders that turned out to be even harsher.
Final Straw
The ex-PM revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who graced the front pages of magazines globally … it seemed he relished his new role.”
When the minister outlined a backup strategy involving creating a parallel currency as well as distributing vouchers to retirees, the leader said he realised that it was game over and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the book, the author asserts how Varoufakis had proved himself to be “unfit for a deal demanding complex and sensitive management.”
He further wrote that his aggressive style made him increasingly isolated among peers, endangered the country, and helped hawks who were advocating a Greek exit from the euro.
This retelling of events has provoked anger along with stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.
