Within his recently unveiled personal account, named Ithaki, the ex- leader Tsipras spares no criticism as he revisits the turbulent period of Greece's financial crisis.
An Unconventional Choice
As per Tsipras's account, he selected that unorthodox economist Yanis Varoufakis to be his treasury head largely due to his international reputation and his highly compelling abilities as a public orator.
“In reality, he was, truthfully, more of a personality and less of an economic expert,” wrote Tsipras.
Clashing Agendas
Tsipras suggests how Varoufakis had his own agenda that involved advancing Varoufakis's books and experimenting with his own economic models using Greece rather than truly fighting for the country's economic stability.
He wrote how the talks to stave off insolvency were “not only a method of achieving a better deal for Greece. They were a test, a monumental opportunity to demonstrate the validity of his ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, the country came dangerously on the brink of exiting the eurozone.
At stake lay both the country's destiny and the punishing cutbacks required in exchange for rescue loans from foreign lenders.
Failed Options
Attempts to find funds elsewhere, such as an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, those harsh conditions were put to a popular referendum, an action which plunged the EU into a further existential crisis.
Although the referendum was carried decisively by those against austerity, Tsipras had little option to ignore the result and agree to a rescue deal with creditors that proved to be tougher.
Final Straw
Tsipras revealed that he started questioning Varoufakis relatively soon.
“He was the face of the talks, the figure who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
After the minister outlined a contingency plan involving creating a secondary currency as well as distributing vouchers to retirees, Tsipras knew that it was game over questioning him: “Are you serious?”
Lasting Criticism
In the memoir, the author asserts how Varoufakis had proved himself “unfit for a deal that required intricate and delicate management.”
Tsipras also claimed how his aggressive style made him more and more alone among peers, put Greece at risk, while helped hardliners that were pushing for Grexit.
The retelling of events has provoked fury along with stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence on the matter.
