In a recently unveiled memoir, titled Ithaki, the ex- prime minister Tsipras spares no criticism as he reflects on the chaotic period during Greece's debt drama.
An Unconventional Appointment
As per Tsipras's account, he selected the maverick economist Yanis Varoufakis as the finance minister primarily due to his worldwide fame along with Varoufakis's highly compelling abilities when it came to speaker.
“He was, in reality, more like a celebrity rather than an economist,” stated Tsipras.
Conflicting Agendas
Tsipras alleges that Varoufakis had a personal agenda which involved promoting his books and testing out his own game theories on Greece rather than truly advocating its economic stability.
He wrote that those negotiations to avoid insolvency became “not just a method to secure a better deal for Greece. They were a test, an historic chance to prove the validity of his theories.”
High-Stakes Negotiations
During tense negotiations, the country came dangerously close to leaving the eurozone.
On the line was not only the country's destiny and those punishing cutbacks demanded in return for financial aid by foreign lenders.
Failed Options
Efforts to secure financing elsewhere, including an urgent appeal to Russia to buy Greek bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, the excoriating bailout terms were subjected to a public vote, an action which plunged the EU into a further existential crisis.
Although the vote was carried decisively by those against the cuts, the prime minister was forced but to ignore the result and negotiate a rescue deal with foreign lenders which proved to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew publicity, who appeared on the covers of publications the world over … it seemed he was enjoying his new role.”
When Varoufakis proposed a contingency plan that included creating a parallel currency as well as issuing vouchers to retirees, the leader said he realised that it was game over questioning him: “Is this for real?”
Enduring Rebuke
In the book, Tsipras concludes how Varoufakis had proved himself “unsuitable for a deal that required intricate and delicate management.”
He further claimed how Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, and helped hawks who were advocating a Greek exit from the euro.
The account of history has provoked anger and shock among certain groups, whereas Varoufakis has maintained a deafening silence regarding these claims.
