Within his newly released personal account, named Ithaki, the former leader Tsipras does not hold back while he examines that chaotic era of Greece's debt drama.
A Controversial Choice
In Tsipras's version, he selected that unorthodox economist Yanis Varoufakis to be his finance minister mainly because of the latter's international reputation and Varoufakis's highly compelling skills as a public orator.
“He was, truthfully, more like a celebrity rather than an economist,” stated Tsipras.
Conflicting Agendas
Tsipras alleges that his finance chief possessed his own motives that included advancing Varoufakis's publications as well as experimenting with his own economic models using the nation rather than truly fighting for its financial survival.
He explained how the talks to stave off bankruptcy were “not only a method of achieving a better deal for Greece. They became a test, a monumental opportunity to prove the validity of his theories.”
High-Stakes Talks
Amid tense negotiations, the country found itself perilously close to leaving the single currency area.
At stake lay not only the country's destiny and the harsh cutbacks demanded in return for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by Reversal
That summer, those harsh conditions were put to a public vote, an action which plunged the EU into a further crisis of identity.
Although the vote was carried decisively by voters who opposed the cuts, Tsipras had little option to ignore the result and negotiate a rescue deal from creditors that proved to be tougher.
Breaking Point
Tsipras claimed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
After the minister proposed a contingency plan involving establishing a parallel currency and issuing coupons to retirees, Tsipras said he realised it was the end questioning him: “Are you serious?”
Enduring Rebuke
In the book, the author asserts how Varoufakis demonstrated himself “unfit for a deal demanding intricate and sensitive handling.”
Tsipras also wrote how his confrontational style left him increasingly isolated among peers, put Greece at risk, while assisted hardliners that were pushing for a Greek exit from the euro.
The retelling of events has provoked fury and stunned disbelief among certain groups, while Varoufakis has so far kept a deafening silence on the matter.
