In a recently unveiled personal account, named Ithaki, the former premier Tsipras pulls no punches as he examines the chaotic period during Greece's debt drama.
A Controversial Choice
As per Tsipras's recollections, Tsipras appointed the unorthodox academic Yanis Varoufakis as his treasury head mainly due to his worldwide fame and Varoufakis's highly compelling skills when it came to communicator.
“He was, actually, more like a star rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras claims how his finance chief had his own motives that involved promoting Varoufakis's publications and testing out his game theories on the nation instead of truly advocating its financial survival.
He noted how those talks to avoid bankruptcy became “not only a method of achieving improved terms for the country. They became a test, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece came dangerously on the brink of exiting the single currency area.
On the line lay not only Greece's future and those severe cutbacks required in return for financial aid by foreign lenders.
Failed Options
Efforts to secure funds from other sources, such as a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, those punitive conditions were put to a public vote, an action that plunged Europe into a further crisis of identity.
Although the referendum was carried resoundingly by those against austerity, the prime minister was forced but to reject its outcome then agree to a rescue deal from foreign lenders that turned out to be more severe.
Final Straw
The ex-PM revealed that he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who attracted media attention, who appeared on the covers of magazines globally … it seemed he relished the spotlight.”
After Varoufakis proposed a backup strategy that included creating a secondary currency as well as issuing coupons to retirees, Tsipras knew that it was game over and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and sensitive handling.”
He further wrote that Varoufakis's confrontational approach made him more and more alone with colleagues, endangered the country, and assisted hardliners who were pushing for a Greek exit from the euro.
The account of history has been met with fury along with shock in some quarters, while Varoufakis has so far kept a deafening silence on the matter.
