In a freshly published personal account, titled Ithaki, the former premier Tsipras pulls no punches as he reflects on that chaotic period during Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's version, Tsipras selected that unorthodox academic Yanis Varoufakis to be the finance minister mainly because of his global profile and his “extremely attractive” abilities when it came to communicator.
“He was, actually, more of a star rather than an economic expert,” wrote Tsipras.
Clashing Agendas
Tsipras claims how his finance chief possessed a personal agenda which involved advancing his books and testing out his game theories using the nation rather than genuinely fighting for its economic stability.
Tsipras wrote that the discussions to stave off insolvency became “not just a way of achieving a better deal for the country. They became a test, an historic chance to demonstrate the validity of his theories.”
High-Stakes Talks
Amid volatile negotiations, the country found itself dangerously on the brink of leaving the eurozone.
On the line lay not only Greece's future and those punishing cutbacks required in exchange for financial aid by foreign lenders.
Failed Alternatives
Efforts to find funds elsewhere, including a desperate plea to Russia to buy Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, the harsh bailout terms were subjected to a public vote, a move which plunged Europe into a deeper existential crisis.
Although the vote was won resoundingly by those who opposed the cuts, Tsipras was forced but to ignore the result and agree to a bailout package with foreign lenders which proved to be tougher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who graced the front pages of magazines the world over … he gave the impression he relished his new role.”
When the minister outlined a contingency plan that included creating a secondary currency and issuing vouchers to retirees, Tsipras knew that it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the book, the author concludes that his former ally demonstrated himself to be “unsuitable for a deal demanding complex and sensitive management.”
He further wrote that his aggressive style left him increasingly isolated among peers, put Greece at risk, and assisted hawks that were advocating Grexit.
This account of history has been met with fury and shock in some quarters, whereas the former minister has kept a deafening silence regarding these claims.
