Within his newly released personal account, named Ithaki, the ex- leader Tsipras does not hold back as he examines that turbulent era during Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's version, he selected the maverick economist Yanis Varoufakis to be his treasury head primarily due to his worldwide fame and Varoufakis's “extremely attractive” skills as a speaker.
“He was, actually, more like a star rather than an economic expert,” recalled Tsipras.
Clashing Agendas
Tsipras claims that Varoufakis had a personal agenda that included promoting his books as well as experimenting with his own economic models on Greece rather than truly advocating its economic stability.
He wrote that the discussions to prevent bankruptcy were “not just a method of achieving improved terms for the country. They became an experiment, a monumental opportunity to demonstrate the truth of his theories.”
Critical Negotiations
Amid volatile negotiations, the country came dangerously close to exiting the single currency area.
On the line was not only the country's future but also the punishing austerity policies required in return for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including a desperate plea to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Public Vote and Reversal
That summer, those harsh conditions were subjected to a popular referendum, an action which threw the EU into further crisis of identity.
Although the vote was won decisively by voters who opposed austerity, the prime minister had little option but to ignore the result and negotiate a rescue deal from creditors that turned out to be more severe.
Breaking Point
Tsipras claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who appeared on the covers of publications the world over … he gave the impression he relished the spotlight.”
After the minister outlined a backup strategy involving creating a parallel currency as well as issuing vouchers to retirees, the leader knew that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the book, Tsipras asserts that his former ally had proved himself “unfit for a deal that required intricate and delicate handling.”
He further wrote how his confrontational approach made him more and more alone among peers, endangered the country, and assisted hawks who were advocating Grexit.
This retelling of history has provoked fury along with shock among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.
