In a freshly published personal account, titled Ithaki, the ex- premier Tsipras does not hold back while he revisits that turbulent era of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's account, he chose the maverick academic Yanis Varoufakis as his treasury head largely due to the latter's international reputation along with his very persuasive abilities as a speaker.
“In reality, he was, actually, more like a personality and less of an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader suggests that Varoufakis possessed his own agenda which involved promoting Varoufakis's books and testing out his game theories using Greece instead of genuinely fighting for the country's economic stability.
He noted how those talks to stave off bankruptcy were “not just a method to secure improved terms for Greece. They became a test, a monumental chance to prove the truth of his economic theories.”
High-Stakes Negotiations
During volatile negotiations, the country found itself dangerously on the brink of exiting the eurozone.
At stake lay both Greece's future and those harsh austerity measures required in exchange for financial aid from foreign lenders.
Unsuccessful Options
Efforts to secure funds elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country was tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, those harsh conditions were subjected to a public vote, a move that plunged Europe into further existential crisis.
Although the referendum was won decisively by those who opposed the cuts, the prime minister was forced to reject its outcome and agree to a rescue deal from foreign lenders which turned out to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the face of negotiation, the figure who drew publicity, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency and distributing vouchers to retirees, the leader knew that it was game over questioning him: “Are you serious?”
Lasting Rebuke
Within the book, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and sensitive handling.”
He also claimed that his aggressive style left him more and more alone with colleagues, endangered the country, and assisted hawks that were advocating Grexit.
The retelling of history has been met with fury and shock among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
