In a newly released personal account, titled Ithaki, the ex- prime minister Tsipras spares no criticism as he examines the turbulent period during Greece's debt drama.
An Unconventional Choice
As per the ex-PM's recollections, he selected the unorthodox academic Yanis Varoufakis as his treasury head mainly because of his global profile and his “extremely attractive” abilities as a speaker.
“He was, in reality, more like a celebrity rather than an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader suggests how Varoufakis had his own motives which included advancing his books as well as experimenting with his economic models on Greece rather than truly advocating its financial survival.
Tsipras wrote how the discussions to avoid insolvency became “not only a way to secure improved terms for the country. They were a test, an historic opportunity to demonstrate the truth of his theories.”
High-Stakes Negotiations
Amid tense negotiations, Greece found itself perilously on the brink of exiting the eurozone.
At stake lay not only the country's future but also those punishing austerity policies required in return for bailout funds by foreign lenders.
Failed Alternatives
Efforts to find funds elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece would be tantamount to throwing money into the garbage, Putin reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
That summer, those excoriating conditions were subjected to a popular referendum, a move which plunged the EU into deeper crisis of identity.
Even though the referendum was carried resoundingly by voters who opposed austerity, the prime minister was forced but to reject its outcome and agree to a bailout package from foreign lenders which turned out to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“He was the face of the talks, the figure who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he relished his new role.”
When the minister proposed a backup strategy involving establishing a parallel currency and distributing vouchers to retirees, Tsipras said he realised it was the end questioning him: “Is this for real?”
Enduring Criticism
Within the book, Tsipras asserts that Varoufakis had proved himself to be “unsuitable for an agreement demanding complex and sensitive handling.”
He further wrote that his confrontational style made him increasingly isolated among peers, put Greece at risk, while helped hawks that were pushing for a Greek exit from the euro.
This account of history has provoked fury along with shock among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.
