Within his recently unveiled personal account, called Ithaki, the ex- premier Tsipras pulls no punches as he examines that turbulent period during Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's version, he selected that unorthodox academic Yanis Varoufakis as his treasury head largely because of his global profile and his very persuasive skills as a public orator.
“In reality, he was, in reality, more of a celebrity rather than an economist,” stated Tsipras.
Clashing Priorities
Tsipras alleges how Varoufakis possessed his own motives which included advancing his books and experimenting with his own economic models using Greece rather than genuinely fighting for the country's financial survival.
He noted that the negotiations to stave off insolvency were “not only a way to secure improved terms for the country. They were an experiment, a monumental chance to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile negotiations, Greece found itself perilously on the brink of leaving the eurozone.
At stake lay both Greece's future and the punishing austerity measures required in exchange for financial aid from international creditors.
Failed Options
Attempts to find funds from other sources, such as an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, the harsh conditions were put to a popular referendum, an action that threw the EU into further existential crisis.
Even though the referendum was carried resoundingly by those who opposed austerity, the prime minister was forced but to reject its outcome then negotiate a bailout package with creditors which turned out to be more severe.
Final Straw
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan involving establishing a secondary currency as well as issuing coupons to pensioners, the leader said he realised that it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts that his former ally demonstrated himself “unfit for a deal demanding intricate and delicate management.”
He further claimed how his confrontational style left him increasingly isolated among peers, endangered the country, while assisted hardliners who were advocating Grexit.
This account of events has been met with anger along with shock among certain groups, while Varoufakis has so far maintained a conspicuous quiet on the matter.
