Within his recently unveiled memoir, named Ithaki, the ex- prime minister Tsipras spares no criticism as he examines that turbulent era of Greece's financial crisis.
A Controversial Appointment
As per Tsipras's recollections, Tsipras selected that unorthodox economist Yanis Varoufakis as the finance minister primarily because of his international reputation and his very persuasive skills when it came to speaker.
“He was, actually, more like a celebrity rather than an economic expert,” stated Tsipras.
Clashing Priorities
Tsipras alleges that his finance chief had his own agenda that involved promoting his books as well as experimenting with his own theories using Greece rather than genuinely advocating its financial survival.
He noted that those discussions to prevent bankruptcy became “not just a way to secure a better deal for the country. They became a test, a monumental chance to demonstrate the validity of his theories.”
High-Stakes Talks
Amid tense negotiations, the country found itself dangerously on the brink of exiting the single currency area.
On the line was not only Greece's future but also those harsh austerity measures demanded in return for rescue loans by foreign lenders.
Failed Alternatives
Attempts to secure financing from other sources, such as an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have told Tsipras in Moscow.
Referendum and U-Turn
That summer, those punitive conditions were put to a popular referendum, a move which threw Europe into deeper existential crisis.
Even though the vote was won decisively by those against the cuts, the prime minister was forced but to reject its outcome then negotiate a bailout package from creditors that turned out to be more severe.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the covers of publications the world over … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency and distributing vouchers to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the book, the author asserts how Varoufakis demonstrated himself “unsuitable for a deal demanding complex and delicate management.”
He also wrote how Varoufakis's aggressive approach left him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were pushing for a Greek exit from the euro.
The retelling of history has been met with fury and shock among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
