Within his newly released memoir, named Ithaki, the ex- prime minister Tsipras pulls no punches as he examines that turbulent period of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's version, he chose that maverick economist Yanis Varoufakis as his treasury head mainly due to his international reputation along with his “extremely attractive” skills when it came to speaker.
“In reality, he was, actually, more of a personality rather than an economist,” stated Tsipras.
Conflicting Priorities
The former leader claims how his finance chief had a personal motives which involved promoting his publications and experimenting with his game theories using the nation instead of genuinely fighting for its economic stability.
Tsipras noted that those talks to avoid insolvency were “not only a method of achieving improved terms for Greece. They became a test, a monumental chance to prove the validity of Varoufakis's theories.”
Critical Talks
During volatile negotiations, the country came dangerously on the brink of exiting the single currency area.
At stake was both the country's future and the punishing austerity policies required in return for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, the excoriating bailout terms were subjected to a public vote, a move which threw the EU into further crisis of identity.
Even though the referendum was won decisively by those against the cuts, Tsipras was forced but to ignore the result then agree to a bailout package with foreign lenders that turned out to be more severe.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“He was the public image of the talks, the figure who drew media attention, who graced the covers of publications the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a contingency plan involving establishing a parallel currency and distributing coupons to retirees, the leader knew it was game over questioning him: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras concludes that his former ally had proved himself “unsuitable for an agreement demanding complex and sensitive handling.”
Tsipras also wrote how his aggressive approach left him more and more alone with colleagues, put Greece at risk, while helped hardliners who were pushing for a Greek exit from the euro.
This account of history has been met with fury and shock in some quarters, while Varoufakis has maintained a conspicuous quiet on the matter.
