Within his recently unveiled memoir, titled Ithaki, the ex- leader Tsipras does not hold back while he examines the chaotic era during Greece's debt drama.
An Unconventional Appointment
According to Tsipras's account, he chose the maverick academic Yanis Varoufakis to be his treasury head largely because of the latter's worldwide fame along with Varoufakis's very persuasive abilities as a public orator.
“He was, actually, more of a personality rather than an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader alleges how Varoufakis had a personal agenda that included promoting Varoufakis's publications and experimenting with his economic models on the nation rather than truly advocating its economic stability.
Tsipras wrote that the discussions to prevent insolvency became “not only a method of achieving improved terms for the country. They were an experiment, a monumental chance to demonstrate the truth of Varoufakis's theories.”
Critical Talks
Amid tense discussions, the country came dangerously close to exiting the single currency area.
On the line was not only the country's destiny and the punishing cutbacks demanded in exchange for financial aid by foreign lenders.
Unsuccessful Options
Attempts to secure financing from other sources, including a desperate plea to Russia to purchase Greek bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by Reversal
That summer, the excoriating bailout terms were put to a public vote, a move which plunged the EU into a deeper crisis of identity.
Even though the vote was won resoundingly by those who opposed the cuts, the prime minister had little option to ignore the result and agree to a bailout package with foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
After the minister outlined a contingency plan that included establishing a parallel currency and issuing coupons to retirees, the leader knew it was the end and asked Varoufakis: “Is this for real?”
Enduring Rebuke
In the memoir, the author asserts how Varoufakis had proved himself “unsuitable for an agreement that required complex and sensitive handling.”
Tsipras also wrote how his confrontational style left him increasingly isolated among peers, endangered the country, and helped hardliners that were advocating a Greek exit from the euro.
The account of history has been met with anger and shock among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
