In a freshly published personal account, named Ithaki, the ex- premier Tsipras pulls no punches while he examines that turbulent period during Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's version, Tsipras chose that maverick academic Yanis Varoufakis to be the treasury head mainly because of the latter's global profile and Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, actually, more like a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras claims how Varoufakis had a personal agenda that involved advancing his books as well as experimenting with his own theories on Greece rather than truly fighting for its economic stability.
Tsipras explained how those talks to avoid insolvency were “not only a way to secure improved terms for the country. They were a test, an historic opportunity to prove the truth of Varoufakis's theories.”
Critical Negotiations
Amid volatile negotiations, the country found itself perilously on the brink of leaving the eurozone.
On the line lay not only the country's future and the punishing austerity policies required in return for bailout funds from foreign lenders.
Failed Options
Efforts to find funds elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, those punitive bailout terms were subjected to a popular referendum, a move that plunged the EU into deeper existential crisis.
Although the vote was won resoundingly by voters who opposed the cuts, the prime minister had little option but to ignore the result and agree to a rescue deal with creditors which proved to be more severe.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who attracted media attention, who graced the covers of publications the world over … it seemed he was enjoying his new role.”
When Varoufakis proposed a backup strategy involving establishing a parallel currency and issuing vouchers to pensioners, the leader knew it was game over and asked him: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras asserts how Varoufakis had proved himself “unfit for a deal demanding intricate and delicate management.”
Tsipras further wrote that his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
The retelling of history has provoked anger and shock among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.
