In a freshly published memoir, titled Ithaki, the ex- prime minister Tsipras does not hold back while he revisits that turbulent era during Greece's debt drama.
An Unconventional Choice
As per Tsipras's version, he chose that maverick academic Yanis Varoufakis as his treasury head largely because of his international reputation and his very persuasive skills when it came to public orator.
“He was, truthfully, more of a celebrity and less of an economist,” wrote Tsipras.
Clashing Agendas
The former leader alleges that Varoufakis possessed his own motives that involved advancing his books as well as experimenting with his own economic models on Greece instead of genuinely fighting for its financial survival.
He noted that the talks to stave off insolvency became “not only a method to secure improved terms for the country. They were an experiment, an historic chance to prove the truth of his economic theories.”
High-Stakes Negotiations
During tense negotiations, Greece came dangerously on the brink of exiting the eurozone.
On the line lay both Greece's future but also the severe austerity measures required in return for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to find funds from other sources, including a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have told Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the harsh conditions were subjected to a public vote, a move that threw the EU into a further crisis of identity.
Even though the vote was carried decisively by those who opposed austerity, the prime minister had little option but to ignore the result and agree to a rescue deal from creditors that turned out to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who attracted media attention, who appeared on the covers of publications globally … he gave the impression he relished his new role.”
When Varoufakis outlined a contingency plan that included establishing a parallel currency as well as issuing vouchers to pensioners, the leader knew that it was game over and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, the author concludes that Varoufakis had proved himself to be “unsuitable for an agreement that required complex and delicate handling.”
He further claimed how Varoufakis's aggressive style left him more and more alone with colleagues, endangered the country, and helped hardliners who were advocating Grexit.
The account of history has provoked anger along with shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
