Within his freshly published personal account, titled Ithaki, the ex- leader Tsipras pulls no punches as he reflects on that turbulent era during Greece's debt drama.
A Controversial Choice
According to Tsipras's version, Tsipras chose the maverick economist Yanis Varoufakis as the treasury head largely because of his global profile and his highly compelling abilities when it came to communicator.
“He was, truthfully, more like a personality and less of an economist,” stated Tsipras.
Conflicting Priorities
Tsipras claims that Varoufakis had his own motives that involved advancing Varoufakis's books as well as testing out his game theories on Greece rather than truly advocating its economic stability.
Tsipras wrote how those negotiations to avoid bankruptcy were “not just a method of achieving a better deal for Greece. They became a test, a monumental chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Negotiations
During tense discussions, the country came perilously close to leaving the single currency area.
At stake was not only the country's destiny but also the severe austerity policies demanded in return for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, such as an urgent appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, the punitive conditions were put to a popular referendum, an action that threw Europe into further crisis of identity.
Although the vote was won resoundingly by voters who opposed the cuts, the prime minister had little option but to reject its outcome then negotiate a bailout package from foreign lenders that proved to be even harsher.
Final Straw
The ex-PM revealed that he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who attracted media attention, who graced the front pages of publications globally … it seemed he relished his new role.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency and distributing coupons to pensioners, the leader knew that it was the end and asked him: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras asserts how his former ally had proved himself “unfit for a deal demanding complex and delicate management.”
He also wrote how Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, and helped hardliners that were pushing for Grexit.
The retelling of events has been met with fury along with stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
