In a newly released memoir, called Ithaki, the former leader Tsipras pulls no punches while he revisits that chaotic period during Greece's debt drama.
A Controversial Appointment
As per Tsipras's account, Tsipras chose that maverick academic Yanis Varoufakis to be his treasury head largely because of the latter's international reputation along with his very persuasive abilities as a speaker.
“He was, truthfully, more of a star and less of an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras claims how Varoufakis had a personal motives which included promoting Varoufakis's books as well as testing out his own theories on the nation rather than genuinely advocating its financial survival.
Tsipras wrote how those discussions to stave off insolvency became “not just a way to secure improved terms for the country. They became a test, a monumental chance to prove the validity of Varoufakis's economic theories.”
Critical Talks
During tense discussions, Greece came perilously close to exiting the single currency area.
On the line lay both the country's future but also the harsh cutbacks required in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to secure financing from other sources, such as a desperate appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece was equivalent to throwing money in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, those excoriating conditions were subjected to a popular referendum, an action which threw the EU into deeper existential crisis.
Even though the vote was carried decisively by those against the cuts, Tsipras was forced to ignore the result and negotiate a bailout package from creditors that proved to be more severe.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“He was the face of the talks, the man who attracted publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
After the minister proposed a backup strategy involving establishing a parallel currency as well as issuing coupons to retirees, the leader said he realised that it was the end questioning him: “Are you serious?”
Enduring Criticism
Within the memoir, the author concludes how Varoufakis demonstrated himself to be “unfit for a deal that required intricate and sensitive management.”
He further wrote how his confrontational approach made him increasingly isolated among peers, endangered the country, while assisted hawks who were advocating Grexit.
This account of events has provoked anger and stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.
