Within his recently unveiled personal account, called Ithaki, the ex- prime minister Tsipras pulls no punches while he revisits that chaotic period during Greece's financial crisis.
An Unconventional Choice
As per Tsipras's version, Tsipras chose the maverick economist Yanis Varoufakis to be the treasury head largely because of his worldwide fame along with Varoufakis's “extremely attractive” skills as a communicator.
“He was, truthfully, more of a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader alleges how Varoufakis had his own motives that involved advancing Varoufakis's books as well as testing out his own game theories using Greece rather than truly advocating its economic stability.
Tsipras wrote that the discussions to stave off insolvency became “not just a way to secure a better deal for the country. They became a test, an historic opportunity to demonstrate the validity of his economic theories.”
Critical Negotiations
During tense negotiations, Greece came perilously on the brink of exiting the eurozone.
At stake lay not only Greece's future but also the severe austerity policies required in return for financial aid from foreign lenders.
Failed Options
Efforts to secure funds elsewhere, including a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and U-Turn
That summer, the excoriating conditions were put to a public vote, a move that threw the EU into deeper crisis of identity.
Even though the referendum was won decisively by those who opposed austerity, Tsipras had little option to ignore the result and negotiate a bailout package with creditors that turned out to be even harsher.
Final Straw
Tsipras revealed how 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 publications globally … he gave the impression he was enjoying his new role.”
When the minister outlined a contingency plan that included establishing a secondary currency as well as distributing coupons to retirees, Tsipras said he realised it was game over questioning him: “Is this for real?”
Lasting Criticism
In the memoir, Tsipras concludes that his former ally had proved himself to be “unsuitable for an agreement demanding intricate and sensitive handling.”
He further claimed that Varoufakis's aggressive style made him increasingly isolated among peers, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
The account of events has provoked fury and stunned disbelief among certain groups, whereas the former minister has maintained a deafening silence on the matter.
