Within his freshly published personal account, titled Ithaki, the ex- premier Tsipras does not hold back as he examines the turbulent era of Greece's financial crisis.
An Unconventional Choice
In the ex-PM's account, Tsipras appointed that unorthodox economist Yanis Varoufakis to be his treasury head primarily due to the latter's worldwide fame along with Varoufakis's “extremely attractive” skills when it came to communicator.
“He was, in reality, more like a celebrity rather than an economist,” wrote Tsipras.
Clashing Priorities
Tsipras suggests how Varoufakis possessed his own motives that included promoting his publications and testing out his theories using the nation rather than genuinely fighting for its economic stability.
Tsipras noted that those discussions to stave off insolvency became “not just a method to secure a better deal for the country. They were a test, a monumental opportunity to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, the country came dangerously close to exiting the single currency area.
At stake lay not only the country's destiny but also those punishing cutbacks required in exchange for bailout funds by international creditors.
Failed Alternatives
Attempts to find financing from other sources, such as an urgent plea to the Kremlin to buy Greek government bonds, went unanswered.
Assisting Greece was equivalent to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, those harsh bailout terms were put to a public vote, a move which threw Europe into deeper crisis of identity.
Even though the referendum was carried decisively by those against austerity, the prime minister was forced to ignore the result then negotiate a bailout package from foreign lenders that proved to be tougher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the figure who attracted publicity, who appeared on the covers of publications the world over … it seemed he relished the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a secondary currency as well as distributing coupons to retirees, the leader knew it was the end questioning him: “Can you be serious?”
Enduring Criticism
Within the memoir, the author asserts that Varoufakis had proved himself to be “unsuitable for an agreement demanding complex and delicate management.”
Tsipras further claimed that Varoufakis's confrontational approach made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
This retelling of events has been met with fury and shock among certain groups, whereas Varoufakis has kept a conspicuous quiet on the matter.
