In a recently unveiled autobiography, titled Ithaki, the ex- prime minister Tsipras does not hold back as he revisits that turbulent era of Greece's debt drama.
A Controversial Appointment
In the ex-PM's account, Tsipras appointed the maverick economist Yanis Varoufakis as his treasury head primarily because of the latter's international reputation along with Varoufakis's very persuasive abilities when it came to speaker.
“He was, in reality, more like a personality and less of an economic expert,” stated Tsipras.
Clashing Agendas
Tsipras alleges that Varoufakis possessed his own motives which involved advancing Varoufakis's publications as well as experimenting with his economic models on the nation rather than truly advocating the country's economic stability.
Tsipras explained how those discussions to avoid bankruptcy became “not just a way to secure improved terms for Greece. They became a test, an historic chance to prove the truth of Varoufakis's theories.”
High-Stakes Talks
Amid rollercoaster negotiations, the country found itself perilously on the brink of leaving the single currency area.
On the line was both Greece's destiny but also those harsh cutbacks demanded in return for bailout funds from foreign lenders.
Failed Alternatives
Efforts to secure financing from other sources, including a desperate plea to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh bailout terms were put to a popular referendum, an action that threw Europe into deeper crisis of identity.
Although the referendum was won resoundingly by those against the cuts, Tsipras had little option to ignore the result and agree to a rescue deal from creditors which proved to be more severe.
Final Straw
Tsipras revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the covers of publications the world over … it seemed he relished the spotlight.”
When the minister outlined a contingency plan involving creating a secondary currency and distributing coupons to retirees, the leader knew it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself “unsuitable for a deal demanding complex and delicate management.”
He also wrote how his aggressive style made him increasingly isolated with colleagues, endangered the country, and assisted hardliners who were pushing for a Greek exit from the euro.
This account of history has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has maintained a conspicuous quiet on the matter.
