Within his recently unveiled personal account, titled Ithaki, the former prime minister Tsipras pulls no punches while he examines that turbulent period during Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's account, he appointed that maverick economist Yanis Varoufakis to be his treasury head largely because of the latter's worldwide fame and his very persuasive abilities when it came to speaker.
“In reality, he was, actually, more of a personality and less of an economist,” wrote Tsipras.
Conflicting Priorities
The former leader suggests how his finance chief possessed his own agenda which involved advancing his publications and experimenting with his own theories on the nation instead of truly fighting for its economic stability.
He wrote that those negotiations to prevent insolvency became “not just a way of achieving a better deal for Greece. They were a test, a monumental chance to prove the validity of his ideas.”
Critical Talks
Amid tense discussions, the country came dangerously on the brink of leaving the single currency area.
On the line lay not only the country's destiny and the severe austerity measures demanded in exchange for bailout funds by international creditors.
Unsuccessful Options
Attempts to secure funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece would be equivalent to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote and Reversal
That summer, those excoriating conditions were subjected to a public vote, a move that plunged Europe into deeper existential crisis.
Although the referendum was won decisively by those against the cuts, Tsipras had little option but to ignore the result and agree to a bailout package from creditors that turned out to be more severe.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who graced the covers of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a contingency plan involving creating a parallel currency as well as distributing coupons to retirees, the leader knew it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
Within the book, the author asserts how his former ally had proved himself to be “unsuitable for an agreement demanding intricate and delicate management.”
Tsipras also claimed how Varoufakis's aggressive style made him more and more alone among peers, put Greece at risk, while helped hawks who were pushing for a Greek exit from the euro.
The account of events has provoked anger along with stunned disbelief in some quarters, while Varoufakis has maintained a conspicuous quiet regarding these claims.
