Within his recently unveiled memoir, named Ithaki, the former leader Tsipras does not hold back as he reflects on that chaotic period during Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's account, he chose that unorthodox economist Yanis Varoufakis to be the treasury head mainly because of the latter's worldwide fame and Varoufakis's highly compelling skills when it came to public orator.
“He was, truthfully, more like a celebrity and less of an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader alleges how his finance chief possessed his own motives which involved promoting Varoufakis's books and experimenting with his theories using Greece instead of truly advocating its financial survival.
Tsipras explained how the discussions to stave off insolvency were “not just a method of achieving improved terms for Greece. They became an experiment, an historic chance to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid tense discussions, the country came perilously on the brink of exiting the single currency area.
At stake lay both the country's destiny but also the harsh austerity policies demanded in return for rescue loans from foreign lenders.
Failed Options
Efforts to find funds from other sources, such as an urgent plea to the Kremlin to buy Greek government bonds, went unanswered.
Helping the indebted country was tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those punitive bailout terms were subjected to a public vote, an action which plunged the EU into deeper crisis of identity.
Even though the vote was won resoundingly by those who opposed the cuts, the prime minister had little option to reject its outcome then negotiate a bailout package with foreign lenders that proved to be more severe.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the man who drew publicity, who appeared on the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy involving establishing a secondary currency and distributing vouchers to retirees, the leader knew that it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts that Varoufakis had proved himself to be “unfit for a deal that required intricate and sensitive handling.”
Tsipras further claimed that his confrontational approach left him increasingly isolated among peers, put Greece at risk, while helped hawks who were pushing for a Greek exit from the euro.
This account of events has been met with fury and stunned disbelief in some quarters, whereas the former minister has maintained a deafening silence regarding these claims.
