In a newly released memoir, named Ithaki, the ex- prime minister Tsipras does not hold back while he revisits that chaotic era during Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's recollections, Tsipras chose the maverick academic Yanis Varoufakis as his finance minister primarily due to the latter's worldwide fame and his very persuasive skills as a communicator.
“He was, in reality, more like a celebrity rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras claims how Varoufakis had his own motives which included promoting his books as well as testing out his own theories using the nation instead of truly fighting for its financial survival.
He noted how the talks to avoid bankruptcy were “not just a method of achieving improved terms for Greece. They were an experiment, an historic opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense discussions, the country found itself dangerously close to exiting the single currency area.
At stake lay not only Greece's future and those punishing austerity measures required in return for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to find financing from other sources, such as a desperate appeal to the Kremlin to buy Greek bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly told Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, the punitive bailout terms were put to a public vote, an action that plunged the EU into deeper crisis of identity.
Although the vote was won decisively by those against austerity, the prime minister had little option to ignore the result and agree to a rescue deal with foreign lenders which turned out to be tougher.
Breaking Point
Tsipras claimed that he started questioning Varoufakis relatively soon.
“He was the face of the talks, the man who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a secondary currency and issuing coupons to retirees, the leader knew that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the book, the author concludes that his former ally demonstrated himself “unsuitable for a deal that required complex and delicate management.”
He further claimed how his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were advocating Grexit.
The account of events has been met with anger along with shock among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.
