In a recently unveiled memoir, called Ithaki, the ex- prime minister Tsipras pulls no punches while he examines that turbulent period of Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's version, Tsipras appointed that unorthodox academic Yanis Varoufakis as his finance minister largely because of his global profile along with his highly compelling abilities when it came to communicator.
“In reality, he was, truthfully, more of a star rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader suggests how his finance chief possessed his own motives which involved promoting Varoufakis's publications and experimenting with his economic models using Greece rather than genuinely advocating the country's economic stability.
Tsipras noted how the talks to stave off insolvency became “not just a way of achieving improved terms for the country. They were a test, an historic chance to prove the truth of Varoufakis's theories.”
Critical Talks
Amid volatile negotiations, Greece found itself dangerously close to exiting the single currency area.
At stake was both the country's destiny but also the severe austerity measures required in exchange for bailout funds by international creditors.
Failed Alternatives
Attempts to find financing elsewhere, including an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum and Reversal
That summer, those punitive bailout terms were subjected to a popular referendum, a move that threw the EU into a deeper existential crisis.
Although the referendum was carried resoundingly by those against austerity, the prime minister was forced to reject its outcome and agree to a rescue deal from foreign lenders that proved to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy involving creating a parallel currency and issuing vouchers to pensioners, Tsipras knew it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
Within the book, the author concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement demanding intricate and delicate handling.”
Tsipras further wrote that his confrontational approach made him more and more alone among peers, endangered the country, while assisted hardliners who were advocating Grexit.
This retelling of events has been met with fury along with stunned disbelief in some quarters, whereas the former minister has maintained a deafening silence on the matter.
