Within his recently unveiled memoir, called Ithaki, the former premier Tsipras pulls no punches while he examines the chaotic era of Greece's debt drama.
A Controversial Choice
According to Tsipras's recollections, Tsipras appointed that unorthodox economist Yanis Varoufakis to be his finance minister largely because of the latter's global profile along with his very persuasive abilities as a communicator.
“In reality, he was, truthfully, more like a personality and less of an economist,” wrote Tsipras.
Clashing Priorities
Tsipras alleges that his finance chief had a personal motives that involved advancing his publications and testing out his theories using Greece rather than genuinely fighting for the country's economic stability.
He explained that those discussions to avoid insolvency became “not only a way to secure improved terms for the country. They became a test, a monumental chance to prove the truth of his economic theories.”
Critical Talks
Amid tense negotiations, Greece found itself perilously close to exiting the eurozone.
At stake was not only Greece's future but also the severe austerity measures demanded in exchange for bailout funds by foreign lenders.
Failed Options
Attempts to find funds elsewhere, including a desperate plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, those excoriating conditions were subjected to a popular referendum, a move which plunged Europe into further crisis of identity.
Although the referendum was carried resoundingly by voters against the cuts, Tsipras was forced to ignore the result and agree to a bailout package from creditors that proved to be more severe.
Breaking Point
Tsipras revealed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the figure who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a contingency plan that included creating a parallel currency as well as issuing coupons to pensioners, the leader said he realised it was game over questioning Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, the author concludes how Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and sensitive handling.”
Tsipras further wrote how Varoufakis's aggressive style left him increasingly isolated among peers, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
The account of history has been met with anger along with shock in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
