Within his recently unveiled memoir, called Ithaki, the ex- prime minister Tsipras pulls no punches as he examines the chaotic era of Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's version, he selected that unorthodox economist Yanis Varoufakis to be his finance minister mainly because of his international reputation along with his “extremely attractive” abilities as a communicator.
“He was, truthfully, more of a celebrity rather than an economist,” wrote Tsipras.
Conflicting Priorities
Tsipras suggests that his finance chief had his own motives which included advancing his books and testing out his own economic models on the nation rather than truly fighting for the country's financial survival.
Tsipras wrote that those talks to avoid insolvency became “not only a way of achieving improved terms for Greece. They became a test, a monumental chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country came dangerously on the brink of leaving the single currency area.
On the line lay not only the country's destiny but also those harsh cutbacks demanded in return for rescue loans from international creditors.
Failed Options
Efforts to secure funds from other sources, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece was equivalent to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, the punitive bailout terms were put to a popular referendum, a move which plunged Europe into a deeper crisis of identity.
Even though the vote was carried resoundingly by voters against austerity, the prime minister had little option to reject its outcome then negotiate a rescue deal from foreign lenders which proved to be more severe.
Breaking Point
Tsipras claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who attracted media attention, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan involving creating a parallel currency and distributing coupons to retirees, Tsipras knew it was game over and asked him: “Are you serious?”
Lasting Rebuke
In the memoir, the author asserts that Varoufakis had proved himself to be “unsuitable for an agreement demanding complex and delicate management.”
He further wrote that Varoufakis's aggressive approach left him increasingly isolated with colleagues, endangered the country, while helped hawks who were advocating Grexit.
This account of events has been met with anger along with shock among certain groups, whereas the former minister has maintained a conspicuous quiet regarding these claims.
