Within his newly released personal account, titled Ithaki, the ex- premier Tsipras does not hold back as he examines the turbulent era of Greece's debt drama.
A Controversial Appointment
In Tsipras's account, Tsipras appointed that maverick economist Yanis Varoufakis to be the finance minister primarily because of his global profile along with his highly compelling skills as a communicator.
“In reality, he was, in reality, more like a star and less of an economic expert,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims that his finance chief had a personal agenda that involved promoting his books as well as experimenting with his game theories on Greece instead of genuinely fighting for its economic stability.
He wrote that those discussions to stave off bankruptcy became “not just a method of achieving a better deal for Greece. They were a test, a monumental opportunity to demonstrate the validity of his ideas.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece found itself dangerously close to exiting the eurozone.
On the line lay not only the country's future but also those severe austerity policies required in exchange for financial aid from international creditors.
Failed Options
Efforts to secure financing from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to throwing money in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, those harsh bailout terms were subjected to a popular referendum, an action which plunged Europe into a deeper existential crisis.
Although the vote was won resoundingly by those against the cuts, Tsipras had little option to reject its outcome then agree to a rescue deal with creditors which turned out to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
When the minister outlined a backup strategy that included creating a parallel currency and distributing coupons to pensioners, Tsipras said he realised it was the end and asked him: “Is this for real?”
Enduring Criticism
In the memoir, the author concludes that his former ally demonstrated himself “unsuitable for an agreement demanding intricate and sensitive management.”
He also claimed how his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while helped hardliners that were pushing for a Greek exit from the euro.
The account of history has been met with fury along with shock among certain groups, while Varoufakis has kept a deafening silence on the matter.
