Within his newly released personal account, titled Ithaki, the ex- prime minister Tsipras pulls no punches as he examines that chaotic era of Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's version, Tsipras chose that maverick economist Yanis Varoufakis to be his finance minister primarily because of the latter's global profile along with his very persuasive skills as a public orator.
“In reality, he was, in reality, more like a personality rather than an economist,” stated Tsipras.
Clashing Priorities
Tsipras suggests how Varoufakis had a personal agenda which involved advancing Varoufakis's books as well as experimenting with his own game theories on the nation instead of genuinely advocating the country's financial survival.
He wrote how those negotiations to avoid bankruptcy became “not only a way of achieving improved terms for Greece. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece came dangerously on the brink of exiting the eurozone.
On the line lay not only the country's destiny but also those severe austerity measures demanded in exchange for bailout funds from international creditors.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Helping Greece would be equivalent to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, the excoriating conditions were subjected to a public vote, a move that threw the EU into further existential crisis.
Even though the vote was won resoundingly by those who opposed the cuts, the prime minister was forced but to reject its outcome and negotiate a bailout package with foreign lenders which turned out to be more severe.
Breaking Point
The ex-PM claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who drew publicity, who graced the covers of publications globally … it seemed he relished the spotlight.”
When the minister outlined a contingency plan involving establishing a parallel currency as well as issuing coupons to pensioners, the leader knew it was game over and asked Varoufakis: “Is this for real?”
Lasting Criticism
In the memoir, the author asserts how his former ally demonstrated himself to be “unfit for an agreement that required complex and delicate management.”
He also claimed that Varoufakis's confrontational style left him more and more alone with colleagues, put Greece at risk, and assisted hawks who were advocating Grexit.
The account of events has been met with fury along with stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.
