Within his recently unveiled memoir, titled Ithaki, the ex- premier Tsipras spares no criticism while he examines that chaotic period of Greece's debt drama.
An Unconventional Choice
According to Tsipras's account, he appointed the maverick economist Yanis Varoufakis to be the treasury head mainly due to his global profile along with his “extremely attractive” skills when it came to public orator.
“He was, in reality, more of a celebrity and less of an economist,” recalled Tsipras.
Clashing Agendas
The former leader claims that Varoufakis had a personal motives that involved advancing his publications as well as experimenting with his theories on the nation instead of truly advocating the country's economic stability.
Tsipras noted that those negotiations to avoid bankruptcy were “not just a way of achieving a better deal for Greece. They became an experiment, a monumental chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
During tense negotiations, Greece came dangerously close to exiting the single currency area.
On the line was not only Greece's destiny but also the severe austerity policies required in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds from other sources, including an urgent plea to Russia to buy Greek bonds, went unanswered.
Helping Greece was equivalent to throwing money in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, those harsh conditions were put to a popular referendum, a move that plunged the EU into a deeper existential crisis.
Although the referendum was carried resoundingly by voters who opposed austerity, Tsipras was forced to ignore the result and negotiate a bailout package with creditors that proved to be more severe.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who attracted publicity, who appeared on the covers of magazines the world over … it seemed he relished the spotlight.”
After the minister proposed a backup strategy that included creating a parallel currency as well as issuing coupons to pensioners, the leader knew it was game over questioning him: “Are you serious?”
Enduring Rebuke
Within the book, Tsipras concludes that his former ally had proved himself “unfit for an agreement demanding intricate and sensitive handling.”
Tsipras further wrote how Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, and helped hardliners that were pushing for Grexit.
This account of events has provoked fury along with stunned disbelief among certain groups, whereas the former minister has so far maintained a deafening silence on the matter.
