In a freshly published memoir, titled Ithaki, the ex- premier Tsipras pulls no punches while he revisits the chaotic period of Greece's financial crisis.
An Unconventional Choice
According to Tsipras's account, Tsipras selected that unorthodox economist Yanis Varoufakis to be his treasury head mainly due to the latter's worldwide fame and his highly compelling skills as a speaker.
“He was, actually, more of a celebrity rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras suggests how his finance chief had his own motives that included promoting his publications as well as experimenting with his own theories on the nation rather than truly fighting for the country's financial survival.
Tsipras noted that those discussions to prevent bankruptcy became “not just a way to secure a better deal for the country. They became an experiment, an historic chance to prove the validity of Varoufakis's ideas.”
Critical Negotiations
Amid rollercoaster negotiations, Greece found itself dangerously close to exiting the single currency area.
On the line lay both Greece's future but also those harsh austerity measures demanded in return for financial aid from international creditors.
Unsuccessful Options
Attempts to secure funds from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, the punitive conditions were put to a popular referendum, a move that threw Europe into deeper existential crisis.
Even though the vote was carried resoundingly by voters against austerity, the prime minister had little option to reject its outcome and agree to a bailout package from creditors that turned out to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who appeared on the covers of magazines the world over … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan that included establishing a secondary currency as well as distributing vouchers to retirees, the leader knew it was the end and asked Varoufakis: “Is this for real?”
Enduring Criticism
In the book, Tsipras concludes that Varoufakis demonstrated himself “unfit for a deal demanding complex and sensitive handling.”
Tsipras further wrote that Varoufakis's confrontational style made him more and more alone with colleagues, endangered the country, while helped hawks who were advocating a Greek exit from the euro.
This retelling of events has provoked fury along with stunned disbelief among certain groups, while the former minister has so far kept a deafening silence on the matter.
