Within his freshly published memoir, named Ithaki, the ex- prime minister Tsipras pulls no punches as he examines the chaotic era of Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's recollections, he selected the maverick academic Yanis Varoufakis as the treasury head primarily due to the latter's international reputation and his highly compelling abilities as a public orator.
“He was, actually, more like a personality and less of an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader claims that Varoufakis had a personal agenda that involved promoting his publications and testing out his game theories using Greece rather than truly advocating its economic stability.
He noted how those discussions to avoid insolvency became “not only a way of achieving a better deal for Greece. They were an experiment, a monumental chance to prove the truth of his theories.”
High-Stakes Talks
Amid volatile discussions, the country found itself dangerously on the brink of exiting the single currency area.
At stake lay both the country's future and those punishing austerity policies demanded in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, including a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country would be tantamount to throwing money into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum and U-Turn
That summer, the harsh conditions were put to a popular referendum, a move that plunged Europe into a deeper existential crisis.
Even though the vote was won decisively by voters who opposed austerity, Tsipras was forced to reject its outcome and negotiate a rescue deal from creditors that turned out to be tougher.
Final Straw
Tsipras claimed that he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
After the minister proposed a contingency plan involving establishing a secondary currency and distributing vouchers to pensioners, Tsipras said he realised it was the end questioning Varoufakis: “Are you serious?”
Enduring Rebuke
Within the book, the author concludes how his former ally demonstrated himself “unfit for a deal demanding intricate and delicate handling.”
He further wrote that Varoufakis's aggressive style made him increasingly isolated with colleagues, put Greece at risk, while helped hawks who were advocating Grexit.
This account of history has been met with anger along with shock among certain groups, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
