Within his newly released autobiography, titled Ithaki, the former leader Tsipras pulls no punches while he revisits the chaotic era during Greece's debt drama.
A Controversial Choice
In Tsipras's account, he chose that unorthodox economist Yanis Varoufakis as his finance minister mainly due to his international reputation along with Varoufakis's very persuasive skills when it came to communicator.
“In reality, he was, in reality, more like a star rather than an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader claims how Varoufakis had his own agenda that included promoting Varoufakis's publications and experimenting with his own economic models on Greece rather than genuinely advocating the country's financial survival.
He explained that the talks to prevent insolvency were “not just a method of achieving a better deal for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
During rollercoaster discussions, the country came dangerously on the brink of leaving the eurozone.
At stake lay not only the country's destiny but also the harsh cutbacks required in return for rescue loans from foreign lenders.
Unsuccessful Options
Attempts to secure financing elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Referendum and Reversal
In July 2015, the harsh bailout terms were put to a popular referendum, a move that plunged the EU into a deeper existential crisis.
Even though the referendum was carried decisively by those who opposed austerity, the prime minister had little option to reject its outcome and negotiate a rescue deal with creditors which turned out to be even harsher.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who graced the front pages of magazines globally … he gave the impression he relished the spotlight.”
When the minister proposed a contingency plan that included creating a parallel currency and distributing coupons to pensioners, the leader said he realised that it was the end questioning him: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras asserts that Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and delicate management.”
He further claimed that Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, while assisted hawks that were pushing for Grexit.
This account of events has provoked anger along with shock among certain groups, while Varoufakis has maintained a conspicuous quiet regarding these claims.
