Within his recently unveiled personal account, called Ithaki, the ex- premier Tsipras spares no criticism as he reflects on that chaotic period of Greece's debt drama.
An Unconventional Appointment
As per Tsipras's recollections, he appointed the maverick economist Yanis Varoufakis as his treasury head largely due to his worldwide fame along with Varoufakis's highly compelling abilities when it came to communicator.
“In reality, he was, in reality, more like a celebrity and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests that his finance chief possessed a personal motives that involved advancing his books as well as experimenting with his theories on Greece rather than genuinely fighting for its economic stability.
Tsipras explained that the discussions to stave off bankruptcy were “not just a method to secure a better deal for Greece. They became a test, an historic opportunity to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
During volatile negotiations, Greece came perilously close to exiting the single currency area.
At stake was not only the country's future but also those harsh cutbacks required in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to find financing elsewhere, including a desperate appeal to Russia to buy Greek bonds, went unanswered.
Assisting Greece was equivalent to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were put to a popular referendum, a move that threw Europe into a deeper existential crisis.
Even though the vote was won resoundingly by voters against austerity, the prime minister was forced to reject its outcome and agree to a bailout package with foreign lenders that turned out to be more severe.
Breaking Point
Tsipras revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who graced the covers of publications globally … he gave the impression he relished the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a secondary currency as well as distributing vouchers to retirees, the leader knew it was game over questioning him: “Are you serious?”
Enduring Criticism
In the memoir, Tsipras concludes how his former ally demonstrated himself “unsuitable for an agreement demanding intricate and delicate handling.”
He also claimed how his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were pushing for Grexit.
The retelling of history has provoked fury along with shock among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
