Within his recently unveiled personal account, named Ithaki, the ex- prime minister Tsipras does not hold back as he revisits that turbulent era during Greece's debt drama.
An Unconventional Appointment
As per Tsipras's recollections, he selected that maverick academic Yanis Varoufakis to be the treasury head largely because of the latter's worldwide fame and his “extremely attractive” abilities when it came to speaker.
“He was, in reality, more like a celebrity and less of an economic expert,” wrote the 51-year-old.
Clashing Agendas
The former leader suggests that his finance chief had his own agenda that involved advancing his books and testing out his game theories on Greece instead of truly fighting for its financial survival.
He noted how those discussions to avoid insolvency became “not only a way to secure improved terms for Greece. They were a test, an historic opportunity to prove the truth of Varoufakis's economic theories.”
Critical Negotiations
Amid volatile discussions, Greece found itself dangerously on the brink of exiting the single currency area.
On the line lay both Greece's future but also those harsh cutbacks required in return for bailout funds from international creditors.
Unsuccessful Options
Attempts to find financing elsewhere, including a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Helping Greece would be equivalent to tossing cash into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, the punitive conditions were put to a public vote, an action that threw the EU into further existential crisis.
Even though the vote was won decisively by those who opposed austerity, Tsipras was forced to reject its outcome and negotiate a bailout package from creditors which turned out to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who drew publicity, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
After the minister proposed a contingency plan that included creating a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author asserts that Varoufakis demonstrated himself “unfit for an agreement that required intricate and delicate management.”
Tsipras also claimed how his aggressive style made him more and more alone with colleagues, endangered the country, and assisted hawks that were pushing for a Greek exit from the euro.
The account of events has been met with fury along with stunned disbelief in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
