Within his freshly published memoir, named Ithaki, the ex- premier Tsipras does not hold back while he examines that turbulent period during Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's recollections, he chose that unorthodox economist Yanis Varoufakis to be his treasury head primarily because of his international reputation along with Varoufakis's very persuasive abilities as a public orator.
“In reality, he was, truthfully, more of a star and less of an economist,” wrote Tsipras.
Clashing Agendas
The former leader claims that Varoufakis possessed a personal motives which involved promoting his books and testing out his own game theories on the nation instead of truly advocating the country's economic stability.
He noted how those negotiations to stave off insolvency were “not just a method of achieving a better deal for the country. They were an experiment, an historic chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece came perilously on the brink of exiting the eurozone.
At stake lay both the country's destiny but also the severe austerity policies demanded in exchange for rescue loans from foreign lenders.
Failed Alternatives
Attempts to find funds from other sources, including an urgent plea to Russia to purchase Greek bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash in the trash-can, Putin reportedly informed Tsipras during their meeting.
Referendum and Reversal
In July 2015, the punitive bailout terms were put to a public vote, an action that plunged the EU into a further existential crisis.
Although the referendum was won decisively by voters against austerity, the prime minister was forced but to ignore the result and negotiate a bailout package with creditors which proved to be more severe.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the figure who drew media attention, who appeared on the covers of publications the world over … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy involving creating a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised it was game over questioning him: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras concludes that his former ally demonstrated himself “unfit for a deal demanding complex and delicate handling.”
He further claimed how his aggressive approach made him more and more alone among peers, put Greece at risk, and helped hardliners that were pushing for Grexit.
This account of events has provoked anger and shock in some quarters, while the former minister has kept a deafening silence on the matter.
