In a newly released personal account, titled Ithaki, the former prime minister Tsipras pulls no punches as he examines the chaotic period during Greece's debt drama.
An Unconventional Choice
In Tsipras's recollections, Tsipras selected that unorthodox economist Yanis Varoufakis to be the treasury head mainly due to his global profile along with Varoufakis's very persuasive skills when it came to speaker.
“In reality, he was, truthfully, more of a celebrity and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras alleges that his finance chief possessed his own agenda that involved advancing Varoufakis's books as well as testing out his own economic models using Greece instead of genuinely fighting for its financial survival.
Tsipras explained that the negotiations to prevent insolvency became “not only a way of achieving improved terms for Greece. They became an experiment, an historic chance to prove the truth of his theories.”
High-Stakes Talks
During rollercoaster discussions, the country found itself dangerously on the brink of exiting the single currency area.
On the line was not only the country's destiny but also the harsh cutbacks required in exchange for financial aid by international creditors.
Unsuccessful Options
Efforts to secure funds elsewhere, such as a desperate plea to Russia to purchase Greek bonds, were rejected.
Helping the indebted country was equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the punitive conditions were put to a public vote, an action which plunged the EU into a deeper crisis of identity.
Even though the referendum was carried decisively by those against austerity, the prime minister was forced to ignore the result then agree to a rescue deal with creditors which turned out to be tougher.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis quite early on.
“He was the public image of the talks, the man who drew media attention, who graced the covers of publications the world over … he gave the impression he relished his new role.”
When the minister proposed a contingency plan involving creating a secondary currency as well as distributing vouchers to retirees, the leader said he realised it was the end questioning him: “Can you be serious?”
Lasting Criticism
In the book, Tsipras concludes how Varoufakis had proved himself “unsuitable for an agreement that required intricate and sensitive handling.”
Tsipras further wrote how his aggressive style left him more and more alone with colleagues, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
The retelling of events has provoked fury along with shock in some quarters, whereas the former minister has so far kept a conspicuous quiet on the matter.
