Within his recently unveiled personal account, called Ithaki, the ex- premier Tsipras spares no criticism as he reflects on that chaotic period of Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's recollections, Tsipras appointed that maverick economist Yanis Varoufakis as the treasury head primarily because of the latter's global profile and his highly compelling abilities when it came to speaker.
“In reality, he was, truthfully, more of a personality and less of an economist,” recalled Tsipras.
Clashing Priorities
The former leader suggests how Varoufakis possessed his own motives that included advancing his publications as well as experimenting with his own theories using the nation instead of genuinely advocating its financial survival.
Tsipras wrote how the negotiations to stave off bankruptcy became “not just a way of achieving a better deal for Greece. They became a test, a monumental chance to demonstrate the validity of his theories.”
Critical Negotiations
During rollercoaster negotiations, the country found itself perilously close to exiting the single currency area.
At stake lay not only Greece's future but also those punishing cutbacks demanded in exchange for rescue loans from foreign lenders.
Failed Alternatives
Efforts to secure financing elsewhere, including an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, the punitive bailout terms were subjected to a popular referendum, an action that threw Europe into a deeper existential crisis.
Although the vote was carried decisively by those who opposed austerity, Tsipras was forced but to ignore the result then agree to a bailout package from foreign lenders which turned out to be tougher.
Breaking Point
Tsipras revealed that he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who attracted media attention, who appeared on the covers of magazines globally … it seemed he relished the spotlight.”
After the minister proposed a contingency plan involving establishing a parallel currency as well as distributing vouchers to pensioners, the leader said he realised it was the end questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, Tsipras asserts that Varoufakis had proved himself to be “unsuitable for a deal that required complex and sensitive management.”
He further wrote how his confrontational approach made him more and more alone among peers, endangered the country, while assisted hardliners that were advocating Grexit.
This retelling of history has been met with anger and shock among certain groups, whereas the former minister has kept a conspicuous quiet regarding these claims.
