Within his freshly published personal account, named Ithaki, the former leader Tsipras pulls no punches while he examines that chaotic era of Greece's debt drama.
A Controversial Appointment
In the ex-PM's version, he chose that maverick academic Yanis Varoufakis to be his treasury head primarily because of his global profile along with Varoufakis's very persuasive skills when it came to communicator.
“He was, truthfully, more of a celebrity rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests that Varoufakis had his own motives which involved promoting Varoufakis's publications as well as experimenting with his economic models on Greece rather than truly fighting for its financial survival.
Tsipras noted that the negotiations to avoid bankruptcy became “not only a method of achieving a better deal for Greece. They were an experiment, an historic opportunity to prove the truth of his economic theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece came perilously close to exiting the eurozone.
At stake lay not only Greece's destiny and those punishing austerity policies required in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, including a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Assisting Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, those harsh conditions were subjected to a public vote, a move that plunged Europe into a deeper existential crisis.
Even though the vote was won decisively by those who opposed austerity, Tsipras was forced to reject its outcome and negotiate a bailout package from creditors that proved to be tougher.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a backup strategy that included establishing a parallel currency and issuing coupons to retirees, the leader knew that it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes how Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and delicate management.”
He further claimed that Varoufakis's aggressive style made him more and more alone with colleagues, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.
This retelling of history has provoked anger along with stunned disbelief among certain groups, while the former minister has so far kept a conspicuous quiet regarding these claims.
