Within his freshly published memoir, titled Ithaki, the ex- prime minister Tsipras pulls no punches while he examines that chaotic era during Greece's debt drama.
A Controversial Appointment
According to Tsipras's recollections, Tsipras selected that maverick academic Yanis Varoufakis as his finance minister primarily because of his worldwide fame along with Varoufakis's “extremely attractive” abilities when it came to communicator.
“In reality, he was, in reality, more of a celebrity and less of an economist,” wrote Tsipras.
Clashing Priorities
The former leader suggests how his finance chief possessed a personal agenda which involved advancing his publications as well as experimenting with his economic models using Greece rather than truly fighting for the country's financial survival.
Tsipras noted how the talks to prevent bankruptcy were “not only a method to secure improved terms for the country. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
During tense negotiations, the country found itself dangerously close to exiting the eurozone.
At stake was not only Greece's destiny but also those severe austerity measures required in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to find funds elsewhere, such as an urgent plea to Russia to buy Greek bonds, went unanswered.
Helping Greece was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, those excoriating bailout terms were put to a public vote, an action that plunged Europe into deeper crisis of identity.
Although the vote was won decisively by voters who opposed the cuts, the prime minister was forced to reject its outcome then agree to a rescue deal with creditors which proved to be tougher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis quite early on.
“He was the face of negotiation, the figure who attracted media attention, who graced the front pages of publications the world over … it seemed he relished his new role.”
After the minister outlined a contingency plan involving creating a parallel currency and issuing vouchers to retirees, the leader knew it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
In the memoir, the author concludes how Varoufakis demonstrated himself “unsuitable for a deal that required complex and sensitive handling.”
Tsipras also wrote that his aggressive approach left him increasingly isolated with colleagues, endangered the country, while helped hardliners that were advocating Grexit.
This retelling of history has been met with anger and shock among certain groups, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
