Within his recently unveiled personal account, called Ithaki, the former premier Tsipras does not hold back while he examines the chaotic period of Greece's debt drama.
An Unconventional Choice
In the ex-PM's version, Tsipras selected the unorthodox academic Yanis Varoufakis as the finance minister mainly due to his international reputation along with Varoufakis's very persuasive abilities as a communicator.
“In reality, he was, actually, more like a star rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras alleges how Varoufakis possessed his own agenda which involved advancing Varoufakis's books and testing out his own economic models on Greece rather than truly fighting for the country's financial survival.
He noted how those talks to prevent insolvency became “not only a method of achieving improved terms for Greece. They became an experiment, an historic opportunity to prove the validity of his theories.”
High-Stakes Talks
During tense discussions, the country found itself dangerously close to leaving the single currency area.
At stake was both the country's destiny and the severe austerity policies demanded in return for bailout funds from international creditors.
Failed Alternatives
Efforts to secure financing from other sources, such as an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, those harsh bailout terms were subjected to a public vote, a move which threw the EU into deeper crisis of identity.
Even though the referendum was won decisively by voters who opposed austerity, Tsipras had little option but to ignore the result and agree to a bailout package from creditors which turned out to be even harsher.
Breaking Point
Tsipras claimed how 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 magazines globally … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy that included creating a parallel currency as well as issuing vouchers to pensioners, Tsipras knew that it was game over and asked him: “Is this for real?”
Enduring Criticism
In the book, Tsipras concludes how Varoufakis had proved himself “unsuitable for an agreement that required complex and delicate management.”
Tsipras also claimed how Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, while assisted hardliners that were pushing for Grexit.
This account of history has provoked anger and stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
