Within his freshly published personal account, titled Ithaki, the ex- leader Tsipras does not hold back as he examines that turbulent era of Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's account, he selected that maverick economist Yanis Varoufakis as the finance minister mainly due to his worldwide fame along with his very persuasive abilities as a communicator.
“He was, truthfully, more like a celebrity rather than an economic expert,” recalled Tsipras.
Conflicting Agendas
The former leader suggests that Varoufakis possessed a personal agenda that involved promoting Varoufakis's books as well as testing out his own economic models on the nation instead of truly advocating its economic stability.
He explained that the discussions to avoid bankruptcy were “not only a way of achieving improved terms for Greece. They were an experiment, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Talks
During tense negotiations, the country came perilously close to exiting the single currency area.
At stake lay both Greece's future and the punishing austerity policies required in exchange for rescue loans by international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, the punitive conditions were put to a public vote, an action which threw the EU into deeper existential crisis.
Although the vote was won resoundingly by those who opposed the cuts, Tsipras had little option but to ignore the result and agree to a bailout package with creditors that proved to be more severe.
Final Straw
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the face of the talks, the figure who attracted media attention, who appeared on the covers of magazines the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a contingency plan that included creating a parallel currency as well as issuing coupons to pensioners, Tsipras said he realised that it was game over questioning him: “Is this for real?”
Enduring Rebuke
In the book, the author concludes that Varoufakis had proved himself “unsuitable for a deal that required intricate and delicate handling.”
Tsipras further claimed that Varoufakis's aggressive style made him more and more alone among peers, endangered the country, while assisted hawks that were advocating Grexit.
The account of events has provoked fury and shock among certain groups, while the former minister has so far maintained a conspicuous quiet regarding these claims.
