Within his freshly published memoir, named Ithaki, the former premier Tsipras pulls no punches as he revisits that chaotic era during Greece's debt drama.
An Unconventional Choice
As per the ex-PM's account, he chose that maverick economist Yanis Varoufakis as the treasury head mainly because of his worldwide fame and Varoufakis's highly compelling skills as a communicator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader suggests that his finance chief possessed a personal agenda that involved advancing Varoufakis's books and experimenting with his own game theories using Greece instead of truly fighting for the country's economic stability.
He wrote how those discussions to stave off insolvency were “not only a method to secure a better deal for the country. They became a test, an historic chance to prove the validity of his ideas.”
High-Stakes Talks
Amid tense discussions, Greece came dangerously on the brink of exiting the eurozone.
At stake lay not only Greece's future and the harsh austerity measures demanded in return for rescue loans by international creditors.
Failed Options
Efforts to find financing from other sources, including an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, the punitive bailout terms were put to a popular referendum, a move which plunged Europe into further existential crisis.
Even though the referendum was won resoundingly by those who opposed the cuts, Tsipras was forced but to ignore the result then agree to a bailout package from creditors which proved to be more severe.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of magazines the world over … he gave the impression he relished his new role.”
After Varoufakis proposed a contingency plan involving establishing a parallel currency as well as issuing coupons to pensioners, Tsipras said he realised it was the end and asked him: “Are you serious?”
Lasting Criticism
In the memoir, the author asserts how Varoufakis demonstrated himself “unfit for a deal that required complex and delicate management.”
He further claimed that his aggressive approach left him increasingly isolated among peers, put Greece at risk, while helped hawks who were pushing for Grexit.
This account of events has been met with anger along with stunned disbelief among certain groups, whereas the former minister has maintained a deafening silence on the matter.
