Within his recently unveiled memoir, named Ithaki, the ex- prime minister Tsipras pulls no punches while he revisits the chaotic era of Greece's financial crisis.
A Controversial Choice
According to Tsipras's account, he appointed the unorthodox academic Yanis Varoufakis to be his finance minister primarily due to the latter's global profile along with his “extremely attractive” skills when it came to speaker.
“In reality, he was, truthfully, more like a star rather than an economist,” stated the 51-year-old.
Clashing Priorities
The former leader suggests that his finance chief possessed his own agenda which involved advancing his publications and testing out his economic models using the nation rather than truly advocating the country's economic stability.
He wrote that the negotiations to stave off insolvency became “not only a method of achieving improved terms for Greece. They became an experiment, an historic chance to prove the truth of Varoufakis's theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself perilously close to exiting the eurozone.
At stake lay not only Greece's destiny and those severe cutbacks required in return for rescue loans by international creditors.
Unsuccessful Options
Attempts to find funds from other sources, such as an urgent appeal to Russia to purchase Greek bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those excoriating bailout terms were subjected to a popular referendum, a move which threw Europe into a deeper crisis of identity.
Although the referendum was won decisively by those against austerity, Tsipras had little option to ignore the result and agree to a rescue deal from foreign lenders which proved to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of the talks, the figure who drew media attention, who graced the covers of magazines the world over … he gave the impression he relished his new role.”
After Varoufakis proposed a backup strategy involving establishing a secondary currency and distributing vouchers to retirees, the leader said he realised that it was game over questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, the author asserts that Varoufakis demonstrated himself “unsuitable for an agreement demanding complex and sensitive management.”
Tsipras also wrote how his confrontational approach made him increasingly isolated with colleagues, endangered the country, and helped hardliners who were pushing for Grexit.
This retelling of events has provoked fury along with stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
