In a freshly published personal account, called Ithaki, the ex- premier Tsipras does not hold back while he examines the chaotic period during Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's recollections, he appointed that maverick academic Yanis Varoufakis as the treasury head largely because of the latter's global profile along with Varoufakis's “extremely attractive” skills when it came to speaker.
“In reality, he was, truthfully, more of a celebrity and less of an economist,” stated Tsipras.
Conflicting Priorities
Tsipras suggests how Varoufakis had a personal motives which included advancing his publications and testing out his economic models using the nation rather than genuinely fighting for its economic stability.
He noted that those discussions to avoid bankruptcy became “not only a way to secure a better deal for the country. They were a test, an historic chance to prove the validity of Varoufakis's ideas.”
Critical Negotiations
During rollercoaster discussions, the country came dangerously on the brink of exiting the single currency area.
At stake lay not only the country's future but also the punishing cutbacks required in exchange for financial aid by foreign lenders.
Unsuccessful Options
Attempts to find financing elsewhere, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote and Reversal
That summer, those excoriating bailout terms were put to a public vote, a move that threw the EU into deeper existential crisis.
Even though the vote was won decisively by those who opposed austerity, the prime minister had little option to ignore the result then negotiate a bailout package with creditors that proved to be more severe.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who attracted publicity, who graced the covers of publications the world over … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a contingency plan that included establishing a parallel currency as well as issuing vouchers to pensioners, the leader knew that it was the end questioning him: “Can you be serious?”
Enduring Criticism
Within the memoir, the author asserts how Varoufakis had proved himself to be “unfit for a deal that required complex and sensitive handling.”
He also wrote that Varoufakis's aggressive style left him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were advocating Grexit.
This account of history has been met with fury along with shock in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
