In a newly released autobiography, titled Ithaki, the ex- premier Tsipras spares no criticism as he reflects on that turbulent era of Greece's debt drama.
An Unconventional Choice
As per Tsipras's account, he selected the unorthodox academic Yanis Varoufakis to be the treasury head primarily because of his worldwide fame along with Varoufakis's “extremely attractive” skills when it came to communicator.
“In reality, he was, actually, more like a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader claims how his finance chief had his own motives that involved promoting Varoufakis's publications and experimenting with his own theories on Greece rather than truly fighting for its economic stability.
Tsipras wrote how the negotiations to avoid insolvency were “not only a way of achieving improved terms for Greece. They were an experiment, an historic chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster negotiations, the country found itself dangerously close to exiting the eurozone.
On the line was both the country's future but also the severe cutbacks demanded in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to find funds elsewhere, including a desperate appeal to Russia to buy Greek government bonds, went unanswered.
Helping Greece would be tantamount to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh conditions were put to a public vote, a move which plunged the EU into further crisis of identity.
Although the referendum was won resoundingly by those who opposed austerity, the prime minister was forced but to ignore the result then agree to a bailout package with foreign lenders which turned out to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who graced the front pages of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a contingency plan that included creating a secondary currency as well as issuing coupons to retirees, the leader knew that it was game over questioning him: “Is this for real?”
Lasting Rebuke
Within the memoir, the author asserts how Varoufakis had proved himself to be “unfit for a deal demanding complex and sensitive management.”
He also claimed that his aggressive style left him more and more alone among peers, put Greece at risk, and helped hawks that were pushing for Grexit.
This account of events has been met with anger along with stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet on the matter.
