Within his freshly published personal account, titled Ithaki, the former leader Tsipras does not hold back as he examines that turbulent period during Greece's debt drama.
A Controversial Choice
As per the ex-PM's version, Tsipras appointed that unorthodox academic Yanis Varoufakis to be his treasury head primarily due to the latter's worldwide fame and his very persuasive skills as a communicator.
“He was, in reality, more of a star and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests that his finance chief possessed a personal motives which included advancing his publications as well as experimenting with his economic models on the nation rather than truly fighting for its economic stability.
Tsipras explained how the negotiations to prevent insolvency became “not only a method of achieving improved terms for Greece. They were an experiment, a monumental chance to demonstrate the validity of his ideas.”
High-Stakes Talks
During tense negotiations, Greece came dangerously close to exiting the eurozone.
At stake lay not only the country's destiny and those harsh austerity measures required in return for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to find financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country was tantamount to tossing cash into the garbage, Putin reportedly told Tsipras in Moscow.
Referendum and Reversal
That summer, those harsh bailout terms were put to a popular referendum, an action that plunged the EU into deeper crisis of identity.
Although the referendum was won resoundingly by those who opposed austerity, the prime minister had little option to ignore the result then agree to a rescue deal from foreign lenders that turned out to be tougher.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
After the minister outlined a contingency plan that included establishing a secondary currency as well as distributing coupons to retirees, the leader said he realised it was the end questioning him: “Can you be serious?”
Lasting Criticism
In the book, the author asserts how his former ally had proved himself to be “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras further claimed how his confrontational approach left him more and more alone with colleagues, endangered the country, and assisted hawks who were pushing for Grexit.
The retelling of history has provoked anger and stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
