Within his freshly published memoir, titled Ithaki, the former premier Tsipras does not hold back while he examines that turbulent era of Greece's financial crisis.
A Controversial Choice
In Tsipras's recollections, Tsipras selected the unorthodox academic Yanis Varoufakis to be the treasury head mainly because of the latter's worldwide fame along with his “extremely attractive” skills as a public orator.
“He was, truthfully, more of a star rather than an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader alleges how his finance chief possessed his own motives that involved advancing his publications and testing out his own theories on the nation rather than genuinely fighting for the country's financial survival.
He noted that the discussions to stave off bankruptcy became “not only a way of achieving a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of his economic theories.”
High-Stakes Talks
During volatile discussions, the country came dangerously close to leaving the eurozone.
At stake was not only Greece's destiny and the punishing austerity measures demanded in exchange for bailout funds by foreign lenders.
Failed Alternatives
Attempts to secure funds from other sources, including a desperate plea to Russia to buy Greek bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those harsh conditions were subjected to a public vote, a move that plunged Europe into further existential crisis.
Although the referendum was carried decisively by those who opposed the cuts, the prime minister had little option but to reject its outcome then agree to a bailout package with foreign lenders that turned out to be tougher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who graced the covers of publications the world over … it seemed he relished the spotlight.”
After the minister proposed a contingency plan that included creating a parallel currency and distributing coupons to retirees, the leader said he realised it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, the author concludes how his former ally demonstrated himself “unsuitable for an agreement that required complex and sensitive handling.”
Tsipras further wrote how his aggressive approach left him more and more alone among peers, put Greece at risk, while assisted hardliners that were pushing for Grexit.
The retelling of events has provoked fury and shock in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
