In a recently unveiled memoir, titled Ithaki, the ex- premier Tsipras does not hold back while he revisits the chaotic period of Greece's debt drama.
A Controversial Appointment
As per the ex-PM's recollections, Tsipras selected the unorthodox academic Yanis Varoufakis as the treasury head largely due to the latter's worldwide fame and Varoufakis's very persuasive abilities as a communicator.
“He was, in reality, more like a celebrity and less of an economist,” wrote the 51-year-old.
Clashing Agendas
The former leader claims that Varoufakis possessed a personal motives that involved promoting Varoufakis's publications as well as testing out his own economic models using Greece instead of genuinely advocating the country's financial survival.
Tsipras wrote that those negotiations to stave off insolvency were “not only a method to secure a better deal for Greece. They were an experiment, a monumental opportunity to prove the validity of his economic theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, the country found itself perilously close to exiting the single currency area.
At stake lay not only Greece's destiny but also the severe austerity policies required in return for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to secure funds from other sources, such as a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping the indebted country was equivalent to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, those harsh bailout terms were subjected to a public vote, an action that threw the EU into deeper crisis of identity.
Even though the vote was won resoundingly by voters against the cuts, Tsipras had little option but to reject its outcome then negotiate a bailout package from creditors which turned out to be even harsher.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who drew media attention, who graced the covers of publications globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a contingency plan that included creating a parallel currency as well as distributing vouchers to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras asserts how his former ally had proved himself to be “unfit for a deal demanding intricate and delicate management.”
Tsipras further wrote that his aggressive style left him increasingly isolated with colleagues, endangered the country, while helped hawks that were pushing for a Greek exit from the euro.
The account of events has provoked fury and stunned disbelief among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
