Within his recently unveiled memoir, named Ithaki, the ex- leader Tsipras does not hold back as he revisits that turbulent era of Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's recollections, Tsipras selected the maverick academic Yanis Varoufakis as the treasury head largely because of the latter's international reputation and his very persuasive skills when it came to speaker.
“He was, truthfully, more of a celebrity and less of an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader suggests that Varoufakis had his own agenda which involved promoting Varoufakis's publications as well as testing out his theories on the nation instead of truly advocating its economic stability.
Tsipras noted how the talks to stave off bankruptcy were “not just a method to secure a better deal for the country. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid volatile discussions, Greece found itself perilously close to exiting the single currency area.
At stake lay not only Greece's future and the punishing austerity policies demanded in exchange for rescue loans by foreign lenders.
Failed Alternatives
Efforts to secure financing from other sources, such as an urgent plea to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country would be equivalent to throwing money in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, those harsh bailout terms were put to a public vote, a move which plunged Europe into a deeper crisis of identity.
Although the vote was won resoundingly by voters who opposed austerity, Tsipras had little option to ignore the result and agree to a bailout package from creditors which turned out to be tougher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the man who attracted media attention, who graced the covers of publications globally … it seemed he relished his new role.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency and distributing coupons to pensioners, the leader knew it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the book, Tsipras asserts that his former ally had proved himself “unfit for a deal that required intricate and delicate handling.”
He further claimed that his confrontational approach left him increasingly isolated among peers, put Greece at risk, while assisted hawks who were pushing for Grexit.
This account of events has provoked anger and stunned disbelief among certain groups, whereas the former minister has maintained a conspicuous quiet regarding these claims.
