Within his recently unveiled personal account, named Ithaki, the ex- prime minister Tsipras spares no criticism as he revisits that chaotic period of Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, Tsipras appointed the maverick economist Yanis Varoufakis to be the treasury head mainly due to his worldwide fame and Varoufakis's “extremely attractive” abilities as a speaker.
“He was, actually, more like a personality and less of an economic expert,” recalled Tsipras.
Clashing Priorities
The former leader claims how Varoufakis possessed his own agenda which included promoting his books and testing out his economic models using Greece rather than genuinely advocating its economic stability.
Tsipras noted that those discussions to avoid insolvency were “not just a way to secure a better deal for Greece. They became an experiment, an historic chance to prove the validity of Varoufakis's economic theories.”
Critical Talks
Amid volatile discussions, Greece found itself perilously on the brink of exiting the eurozone.
At stake lay both Greece's future and those punishing austerity measures demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, those harsh bailout terms were subjected to a popular referendum, a move that threw Europe into a further existential crisis.
Although the vote was won decisively by voters who opposed austerity, the prime minister had little option but to ignore the result then agree to a bailout package from foreign lenders which proved to be even harsher.
Final Straw
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the face of negotiation, the figure who drew publicity, who appeared on the covers of publications globally … he gave the impression he relished the spotlight.”
After the minister proposed a backup strategy involving creating a secondary currency and issuing coupons to retirees, the leader knew it was the end and asked him: “Is this for real?”
Enduring Rebuke
Within the book, the author concludes how his former ally had proved himself to be “unsuitable for a deal demanding complex and sensitive management.”
He also wrote that his confrontational style left him increasingly isolated among peers, put Greece at risk, while helped hardliners that were advocating Grexit.
This account of events has provoked fury and stunned disbelief in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.
