Within his freshly published memoir, called Ithaki, the ex- prime minister Tsipras pulls no punches as he reflects on the turbulent period of Greece's debt drama.
An Unconventional Choice
According to Tsipras's recollections, Tsipras appointed the unorthodox academic Yanis Varoufakis as the finance minister largely due to the latter's global profile along with his highly compelling skills when it came to public orator.
“He was, actually, more like a personality and less of an economist,” wrote Tsipras.
Clashing Agendas
The former leader alleges how Varoufakis had his own agenda that included advancing his books as well as experimenting with his own theories on the nation instead of genuinely advocating the country's financial survival.
Tsipras explained how those negotiations to avoid bankruptcy were “not only a way to secure improved terms for Greece. They became a test, a monumental opportunity to demonstrate the truth of his ideas.”
High-Stakes Talks
During tense negotiations, the country came perilously on the brink of exiting the single currency area.
On the line was not only the country's destiny but also the punishing cutbacks required in exchange for rescue loans from international creditors.
Failed Alternatives
Attempts to find financing elsewhere, including an urgent appeal to Russia to buy Greek bonds, went unanswered.
Helping the indebted country would be equivalent to throwing money in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, those harsh bailout terms were subjected to a popular referendum, an action that plunged Europe into a further existential crisis.
Although the referendum was won decisively by those who opposed the cuts, Tsipras was forced to ignore the result then negotiate a bailout package from creditors which proved to be even harsher.
Breaking Point
Tsipras claimed that he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the man who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
After the minister outlined a contingency plan involving creating a secondary currency as well as distributing vouchers to pensioners, Tsipras knew that it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts how his former ally had proved himself to be “unfit for an agreement that required complex and sensitive management.”
Tsipras further wrote how his aggressive style made him more and more alone with colleagues, put Greece at risk, while helped hardliners that were advocating Grexit.
This account of history has been met with anger along with shock in some quarters, whereas Varoufakis has kept a deafening silence regarding these claims.
