In a newly released memoir, named Ithaki, the ex- prime minister Tsipras does not hold back while he reflects on that turbulent era during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's version, Tsipras selected that unorthodox economist Yanis Varoufakis to be his treasury head primarily because of the latter's global profile along with Varoufakis's “extremely attractive” skills as a public orator.
“He was, truthfully, more of a personality and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader suggests that Varoufakis had his own agenda that involved advancing his publications as well as experimenting with his economic models on the nation rather than truly advocating the country's economic stability.
He explained how those talks to avoid insolvency were “not only a way of achieving improved terms for Greece. They became a test, an historic opportunity to demonstrate the validity of his theories.”
High-Stakes Talks
Amid tense negotiations, Greece found itself perilously on the brink of leaving the eurozone.
On the line lay not only the country's destiny and the punishing austerity policies required in exchange for rescue loans by international creditors.
Unsuccessful Options
Attempts to find funds elsewhere, including a desperate plea to Russia to purchase Greek bonds, were rejected.
Assisting the indebted country was equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those punitive conditions were subjected to a public vote, an action that threw the EU into a further crisis of identity.
Even though the vote was won decisively by voters who opposed the cuts, the prime minister was forced to reject its outcome and negotiate a bailout package with creditors which turned out to be tougher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he relished the spotlight.”
When Varoufakis proposed a contingency plan involving creating a parallel currency as well as distributing coupons to retirees, the leader said he realised it was game over questioning Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, Tsipras asserts how his former ally had proved himself “unfit for an agreement demanding complex and sensitive management.”
Tsipras also claimed how Varoufakis's aggressive style made him more and more alone among peers, put Greece at risk, while assisted hardliners who were advocating a Greek exit from the euro.
This retelling of events has provoked anger and stunned disbelief among certain groups, whereas the former minister has so far maintained a deafening silence on the matter.
