Within his newly released memoir, titled Ithaki, the ex- prime minister Tsipras spares no criticism while he reflects on the chaotic period of Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's version, Tsipras chose the unorthodox academic Yanis Varoufakis to be the treasury head largely due to the latter's international reputation and his highly compelling abilities as a speaker.
“He was, truthfully, more of a celebrity and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras suggests that Varoufakis had his own agenda which included advancing his publications and experimenting with his own theories on the nation rather than genuinely advocating its financial survival.
He wrote how the discussions to prevent bankruptcy were “not just a method of achieving a better deal for Greece. They became a test, a monumental opportunity to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
During volatile negotiations, the country found itself dangerously on the brink of leaving the eurozone.
At stake lay both the country's future but also those severe austerity measures required in return for rescue loans from international creditors.
Unsuccessful Options
Efforts to find funds elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country was equivalent 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 subjected to a popular referendum, an action that plunged the EU into deeper existential crisis.
Although the referendum was won decisively by voters who opposed the cuts, the prime minister had little option but to ignore the result then negotiate a rescue deal with foreign lenders that turned out to be even harsher.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the face of negotiation, the figure who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy that included establishing a secondary currency and issuing coupons to pensioners, Tsipras knew it was the end and asked him: “Are you serious?”
Enduring Rebuke
Within the book, Tsipras asserts how Varoufakis demonstrated himself to be “unfit for an agreement demanding intricate and sensitive management.”
He further claimed how his aggressive approach made him more and more alone among peers, endangered the country, while helped hawks that were pushing for a Greek exit from the euro.
The retelling of history has been met with fury and shock among certain groups, while the former minister has kept a conspicuous quiet on the matter.
