Within his newly released personal account, called Ithaki, the ex- prime minister Tsipras spares no criticism while he examines the turbulent period of Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, he selected the unorthodox economist Yanis Varoufakis as his finance minister largely because of his global profile and his very persuasive abilities when it came to communicator.
“In reality, he was, actually, more like a personality and less of an economist,” stated Tsipras.
Clashing Priorities
Tsipras alleges that Varoufakis possessed his own agenda that involved promoting Varoufakis's books as well as testing out his own economic models using Greece instead of truly fighting for the country's financial survival.
Tsipras wrote how the negotiations to stave off bankruptcy became “not just a way to secure a better deal for Greece. They became a test, a monumental chance to prove the truth of his ideas.”
Critical Negotiations
During tense negotiations, the country came dangerously close to leaving the single currency area.
On the line was both the country's future but also the severe austerity policies required in return for financial aid by foreign lenders.
Failed Options
Attempts to find financing elsewhere, including an urgent plea to Russia to purchase Greek bonds, were rejected.
Assisting the indebted country was tantamount to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, those excoriating conditions were subjected to a public vote, a move which plunged Europe into further existential crisis.
Although the referendum was won resoundingly by voters against austerity, the prime minister had little option to ignore the result and agree to a rescue deal from creditors that proved to be tougher.
Final Straw
The ex-PM claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who attracted publicity, who graced the covers of publications globally … he gave the impression he was enjoying the spotlight.”
When the minister outlined a backup strategy that included creating a secondary currency and issuing vouchers to pensioners, Tsipras knew it was the end questioning him: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras concludes how Varoufakis had proved himself “unfit for a deal that required complex and sensitive management.”
Tsipras further wrote how Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, while assisted hawks who were pushing for Grexit.
This account of history has been met with fury along with shock among certain groups, while the former minister has maintained a deafening silence regarding these claims.
