In a freshly published personal account, titled Ithaki, the ex- prime minister Tsipras does not hold back as he revisits that chaotic era during Greece's debt drama.
An Unconventional Choice
As per the ex-PM's version, he appointed the unorthodox academic Yanis Varoufakis as his treasury head primarily because of the latter's global profile along with his highly compelling abilities as a speaker.
“He was, truthfully, more like a personality rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
The former leader suggests how Varoufakis had a personal agenda which involved promoting his books as well as experimenting with his own game theories using Greece rather than truly advocating its financial survival.
He explained how the negotiations to avoid bankruptcy became “not only a way to secure improved terms for Greece. They were a test, a monumental opportunity to demonstrate the validity of his ideas.”
High-Stakes Negotiations
During volatile discussions, Greece came dangerously on the brink of leaving the eurozone.
On the line was both the country's destiny but also the punishing austerity measures demanded in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, including a desperate plea to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, a move that plunged the EU into further existential crisis.
Although the vote was won resoundingly by voters against austerity, Tsipras had little option to reject its outcome then agree to a bailout package with creditors that turned out to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who appeared on the covers of publications the world over … he gave the impression he relished the spotlight.”
When the minister proposed a backup strategy involving establishing a secondary currency as well as issuing vouchers to retirees, the leader knew it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, the author concludes that his former ally demonstrated himself to be “unfit for an agreement demanding intricate and sensitive management.”
Tsipras also claimed how Varoufakis's aggressive style made him increasingly isolated among peers, put Greece at risk, while assisted hawks that were advocating Grexit.
This retelling of history has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has maintained a deafening silence on the matter.
