Within his freshly published memoir, titled Ithaki, the former premier Tsipras does not hold back while he examines that turbulent period of Greece's debt drama.
An Unconventional Appointment
In the ex-PM's recollections, he selected the unorthodox economist Yanis Varoufakis to be his finance minister largely because of the latter's international reputation and his very persuasive skills when it came to public orator.
“In reality, he was, in reality, more of a star and less of an economist,” stated Tsipras.
Clashing Priorities
The former leader claims that his finance chief had a personal motives which involved advancing Varoufakis's publications as well as experimenting with his own theories using Greece rather than truly fighting for the country's economic stability.
Tsipras noted that those negotiations to stave off bankruptcy were “not only a method of achieving improved terms for Greece. They were a test, a monumental opportunity to prove the truth of his ideas.”
High-Stakes Talks
During rollercoaster negotiations, Greece came perilously on the brink of leaving the eurozone.
On the line was not only Greece's destiny but also the harsh austerity measures demanded in exchange for financial aid from international creditors.
Unsuccessful Options
Attempts to secure funds from other sources, including a desperate plea to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those punitive bailout terms were put to a public vote, a move which threw the EU into deeper existential crisis.
Although the vote was carried resoundingly by those against austerity, the prime minister had little option but to reject its outcome then negotiate a rescue deal from foreign lenders which proved to be tougher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who attracted media attention, who graced the covers of publications the world over … he gave the impression he was enjoying his new role.”
After the minister proposed a contingency plan that included establishing a parallel currency and issuing coupons to retirees, the leader said he realised that it was the end questioning him: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for an agreement demanding intricate and delicate management.”
Tsipras also wrote how Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, while helped hawks that were pushing for Grexit.
This account of events has provoked anger and stunned disbelief among certain groups, while Varoufakis has kept a deafening silence on the matter.
