Within his newly released personal account, named Ithaki, the ex- prime minister Tsipras does not hold back while he examines the chaotic period of Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's version, he selected that unorthodox economist Yanis Varoufakis as his treasury head primarily because of the latter's international reputation and his very persuasive skills as a communicator.
“In reality, he was, actually, more of a celebrity rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests how Varoufakis possessed his own agenda that involved promoting his publications as well as testing out his theories on Greece rather than genuinely advocating its financial survival.
Tsipras explained how the discussions to prevent insolvency were “not just a method to secure improved terms for the country. They were an experiment, a monumental opportunity to prove the validity of his ideas.”
Critical Negotiations
During volatile discussions, the country found itself perilously close to exiting the single currency area.
At stake was both Greece's future but also the punishing austerity policies demanded in exchange for bailout funds from foreign lenders.
Failed Options
Efforts to secure funds elsewhere, such as an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those punitive conditions were subjected to a public vote, a move that threw the EU into deeper crisis of identity.
Although the vote was won resoundingly by those who opposed the cuts, the prime minister was forced but to ignore the result and negotiate a bailout package with foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a contingency plan involving creating a secondary currency as well as issuing vouchers to retirees, the leader said he realised that it was game over and asked him: “Is this for real?”
Lasting Criticism
In the memoir, the author concludes that his former ally had proved himself “unsuitable for an agreement that required complex and delicate handling.”
Tsipras also wrote how his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
This account of events has been met with fury along with shock in some quarters, whereas the former minister has kept a conspicuous quiet regarding these claims.
