Within his recently unveiled personal account, called Ithaki, the former prime minister Tsipras spares no criticism while he reflects on that chaotic era of Greece's debt drama.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras selected the unorthodox academic Yanis Varoufakis to be the finance minister primarily due to the latter's international reputation along with Varoufakis's highly compelling abilities as a communicator.
“In reality, he was, truthfully, more like a star and less of an economic expert,” stated Tsipras.
Clashing Agendas
Tsipras alleges how his finance chief possessed a personal agenda that involved advancing his publications and experimenting with his economic models on the nation rather than truly fighting for its economic stability.
Tsipras noted that the negotiations to prevent bankruptcy became “not only a way of achieving a better deal for the country. They became an experiment, a monumental chance to prove the validity of Varoufakis's ideas.”
Critical Talks
Amid volatile negotiations, Greece found itself perilously on the brink of leaving the single currency area.
On the line was not only Greece's destiny but also the severe cutbacks required in return for rescue loans by foreign lenders.
Failed Options
Attempts to find financing from other sources, such as a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting Greece was tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum Followed by Reversal
That summer, the punitive conditions were put to a public vote, a move which plunged Europe into a deeper existential crisis.
Even though the vote was carried resoundingly by those against austerity, the prime minister was forced but to ignore the result and negotiate a rescue deal with foreign lenders which turned out to be even harsher.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who attracted publicity, who graced the covers of publications globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy that included creating a parallel currency and issuing coupons to pensioners, Tsipras knew that it was game over questioning him: “Can you be serious?”
Lasting Rebuke
Within the book, the author concludes how his former ally had proved himself to be “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras further wrote that his aggressive approach left him increasingly isolated with colleagues, endangered the country, while helped hawks that were advocating a Greek exit from the euro.
The retelling of events has been met with fury along with shock in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.
