Within his recently unveiled memoir, named Ithaki, the former premier Tsipras pulls no punches while he examines the chaotic era of Greece's debt drama.
A Controversial Choice
As per Tsipras's recollections, he chose the unorthodox academic Yanis Varoufakis as his finance minister primarily because of his worldwide fame and Varoufakis's very persuasive abilities when it came to public orator.
“In reality, he was, actually, more of a celebrity and less of an economist,” stated Tsipras.
Clashing Agendas
Tsipras suggests how his finance chief possessed his own agenda which included advancing his publications as well as experimenting with his own theories using the nation instead of genuinely advocating its financial survival.
He wrote how the talks to prevent bankruptcy became “not only a method to secure improved terms for the country. They were a test, an historic chance to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
Amid tense discussions, Greece came perilously close to leaving the eurozone.
On the line was not only the country's destiny and those punishing austerity measures demanded in exchange for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping Greece would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum and Reversal
That summer, the harsh bailout terms were put to a popular referendum, a move that threw Europe into further existential crisis.
Even though the vote was won decisively by voters against austerity, Tsipras had little option but to ignore the result then negotiate a bailout package from creditors which turned out to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who graced the covers of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a backup strategy that included creating a parallel currency as well as issuing vouchers to pensioners, the leader knew it was the end questioning him: “Can you be serious?”
Lasting Rebuke
In the book, the author asserts how his former ally demonstrated himself to be “unfit for an agreement that required intricate and sensitive handling.”
He further wrote how Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were pushing for a Greek exit from the euro.
This account of events has provoked fury and stunned disbelief among certain groups, while the former minister has so far kept a deafening silence on the matter.
