In a newly released autobiography, called Ithaki, the ex- premier Tsipras does not hold back while he examines that turbulent era during Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's recollections, Tsipras chose the maverick economist Yanis Varoufakis as the treasury head largely because of his worldwide fame and his “extremely attractive” abilities as a public orator.
“In reality, he was, truthfully, more of a star and less of an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader suggests how his finance chief had a personal agenda which involved advancing Varoufakis's publications and testing out his own theories on Greece rather than genuinely advocating the country's financial survival.
He explained that the negotiations to stave off insolvency were “not only a way to secure a better deal for the country. They became a test, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”
Critical Talks
Amid rollercoaster discussions, Greece found itself perilously on the brink of leaving the single currency area.
On the line was not only the country's future but also the punishing austerity measures demanded in return for bailout funds by international creditors.
Unsuccessful Alternatives
Efforts to find funds elsewhere, including an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, the punitive bailout terms were put to a public vote, a move that threw the EU into deeper existential crisis.
Although the vote was carried decisively by those who opposed the cuts, Tsipras had little option but to reject its outcome and agree to a bailout package with creditors that turned out to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who drew publicity, who appeared on the front pages of magazines globally … it seemed he was enjoying the spotlight.”
When the minister outlined a contingency plan involving creating a parallel currency as well as distributing coupons to pensioners, Tsipras said he realised that it was the end questioning him: “Can you be serious?”
Lasting Criticism
In the memoir, the author concludes how his former ally demonstrated himself “unfit for a deal demanding intricate and delicate management.”
He also wrote how his aggressive style made him increasingly isolated with colleagues, endangered the country, while assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of history has provoked fury along with shock among certain groups, whereas Varoufakis has so far kept a deafening silence regarding these claims.
