Within his newly released memoir, titled Ithaki, the former leader Tsipras pulls no punches as he examines the chaotic era during Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's recollections, he chose that maverick economist Yanis Varoufakis as his treasury head largely because of the latter's global profile along with Varoufakis's very persuasive abilities when it came to speaker.
“In reality, he was, truthfully, more of a celebrity rather than an economist,” stated Tsipras.
Conflicting Priorities
The former leader claims how his finance chief possessed his own motives that involved advancing his publications as well as testing out his own theories using Greece instead of genuinely fighting for its economic stability.
Tsipras noted that the talks to avoid bankruptcy became “not just a method of achieving a better deal for the country. They became a test, an historic opportunity to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
During volatile discussions, the country came perilously close to leaving the single currency area.
On the line was both the country's future and those punishing austerity measures required in return for bailout funds by foreign lenders.
Unsuccessful Options
Attempts to secure financing elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, those excoriating bailout terms were subjected to a popular referendum, an action which plunged the EU into a further existential crisis.
Although the referendum was carried decisively by voters who opposed austerity, the prime minister was forced but to ignore the result then agree to a rescue deal from creditors that proved to be more severe.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who drew publicity, who graced the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
After the minister outlined a contingency plan involving creating a parallel currency and issuing vouchers to retirees, the leader knew that it was game over and asked Varoufakis: “Is this for real?”
Lasting Rebuke
Within the book, the author concludes how his former ally had proved himself “unsuitable for a deal demanding intricate and sensitive handling.”
Tsipras also wrote that his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were advocating Grexit.
The account of history has been met with fury and shock among certain groups, whereas the former minister has maintained a deafening silence on the matter.
