Within his newly released personal account, named Ithaki, the ex- leader Tsipras pulls no punches as he examines the chaotic period during Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras selected that maverick economist Yanis Varoufakis as his treasury head primarily because of the latter's international reputation and Varoufakis's highly compelling skills as a public orator.
“He was, in reality, more of a star and less of an economist,” wrote Tsipras.
Clashing Agendas
Tsipras suggests that his finance chief had his own motives that involved advancing Varoufakis's books as well as testing out his economic models using the nation rather than truly fighting for its financial survival.
He explained that those discussions to stave off insolvency were “not only a way to secure improved terms for the country. They were an experiment, an historic opportunity to prove the validity of his ideas.”
High-Stakes Negotiations
Amid rollercoaster discussions, the country came perilously close to exiting the single currency area.
At stake lay both Greece's destiny and the harsh austerity policies required in return for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to find funds elsewhere, including an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Assisting Greece would be equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, the excoriating conditions were subjected to a public vote, a move which threw Europe into a deeper existential crisis.
Even though the referendum was won resoundingly by those against the cuts, the prime minister was forced but to reject its outcome and agree to a rescue deal with foreign lenders which proved to be more severe.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
After the minister proposed a backup strategy involving creating a parallel currency as well as issuing vouchers to retirees, the leader knew that it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, the author asserts that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and delicate handling.”
He further claimed that Varoufakis's aggressive style left him increasingly isolated with colleagues, endangered the country, and helped hardliners that were pushing for Grexit.
The account of events has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.
