Within his recently unveiled personal account, titled Ithaki, the former prime minister Tsipras pulls no punches while he examines the turbulent period during Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's account, Tsipras appointed that unorthodox academic Yanis Varoufakis to be his treasury head primarily because of his worldwide fame along with his “extremely attractive” skills as a communicator.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” stated Tsipras.
Conflicting Priorities
Tsipras suggests that his finance chief possessed a personal agenda which involved advancing Varoufakis's publications and testing out his own game theories using Greece rather than truly advocating its economic stability.
Tsipras wrote that those discussions to avoid insolvency were “not just a way to secure improved terms for the country. They were a test, a monumental opportunity to prove the truth of Varoufakis's economic theories.”
Critical Negotiations
Amid volatile discussions, the country found itself perilously on the brink of exiting the single currency area.
On the line was not only Greece's destiny and the severe austerity policies required in exchange for rescue loans by international creditors.
Unsuccessful Options
Efforts to find funds elsewhere, including a desperate plea to Russia to buy Greek bonds, were rejected.
Helping the indebted country would be equivalent to throwing money into the garbage, Putin reportedly informed Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those excoriating bailout terms were subjected to a popular referendum, an action that threw Europe into further crisis of identity.
Even though the vote was carried decisively by those who opposed austerity, the prime minister was forced but to reject its outcome and negotiate a rescue deal with foreign lenders that turned out to be more severe.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a contingency plan involving creating a parallel currency as well as distributing vouchers to pensioners, the leader knew that it was game over questioning him: “Is this for real?”
Enduring Rebuke
Within the book, the author asserts that Varoufakis had proved himself to be “unfit for an agreement that required complex and sensitive management.”
Tsipras further wrote how his aggressive approach left him more and more alone with colleagues, endangered the country, while helped hawks who were pushing for Grexit.
The retelling of events has been met with anger along with shock among certain groups, whereas Varoufakis has maintained a deafening silence regarding these claims.
