Within his recently unveiled memoir, named Ithaki, the ex- prime minister Tsipras does not hold back as he reflects on that turbulent era during Greece's debt drama.
A Controversial Choice
As per Tsipras's account, he appointed that unorthodox economist Yanis Varoufakis as his treasury head largely due to his worldwide fame along with Varoufakis's very persuasive abilities as a speaker.
“He was, actually, more of a star and less of an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader suggests how his finance chief had a personal motives which involved advancing Varoufakis's books as well as experimenting with his economic models on the nation rather than truly advocating its economic stability.
Tsipras explained that those discussions to prevent insolvency became “not just a method of achieving improved terms for the country. They were a test, an historic chance to prove the validity of his theories.”
High-Stakes Talks
During volatile discussions, the country came perilously on the brink of leaving the single currency area.
On the line was not only Greece's destiny but also the harsh austerity policies required in exchange for financial aid from foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, such as an urgent plea to Russia to purchase Greek bonds, went unanswered.
Helping Greece was equivalent to tossing cash in the trash-can, Putin reportedly informed Tsipras during their meeting.
Referendum and U-Turn
That summer, the excoriating bailout terms were put to a public vote, an action that threw Europe into a further existential crisis.
Although the vote was won resoundingly by voters against austerity, Tsipras was forced but to reject its outcome then agree to a bailout package with foreign lenders which turned out to be tougher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“He was the face of the talks, the man who attracted publicity, who graced the front pages of magazines globally … it seemed he relished his new role.”
When Varoufakis proposed a contingency plan that included establishing a parallel currency and distributing vouchers to retirees, Tsipras said he realised that it was the end and asked him: “Can you be serious?”
Enduring Criticism
In the memoir, the author concludes how his former ally had proved himself to be “unsuitable for a deal that required complex and sensitive management.”
Tsipras further claimed that Varoufakis's confrontational approach made him more and more alone among peers, endangered the country, while helped hardliners that were pushing for Grexit.
This account of events has been met with fury and shock among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.
