Within his recently unveiled memoir, called Ithaki, the ex- prime minister Tsipras does not hold back as he revisits that chaotic period of Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's recollections, Tsipras chose the unorthodox economist Yanis Varoufakis as his finance minister primarily because of his worldwide fame and his very persuasive abilities when it came to public orator.
“He was, in reality, more of a personality rather than an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader alleges how his finance chief possessed a personal agenda that included advancing his publications as well as testing out his economic models using Greece instead of genuinely fighting for the country's economic stability.
He noted how the talks to avoid insolvency became “not only a way of achieving a better deal for Greece. They were an experiment, a monumental chance to prove the validity of his economic theories.”
Critical Negotiations
During rollercoaster negotiations, the country came perilously on the brink of exiting the eurozone.
On the line lay not only Greece's future and those punishing austerity measures demanded in exchange for financial aid from international creditors.
Unsuccessful Options
Attempts to find funds elsewhere, including an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, those excoriating bailout terms were put to a popular referendum, an action which threw Europe into deeper existential crisis.
Even though the vote was won decisively by voters against austerity, Tsipras had little option to ignore the result then agree to a rescue deal with creditors that turned out to be more severe.
Final Straw
Tsipras claimed how he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who drew media attention, who graced the front pages of publications globally … he gave the impression he relished the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a secondary currency and issuing vouchers to retirees, Tsipras said he realised it was the end and asked him: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself “unfit for an agreement demanding complex and delicate handling.”
He further claimed that his confrontational approach made him increasingly isolated among peers, put Greece at risk, while assisted hardliners that were advocating a Greek exit from the euro.
This retelling of events has been met with anger and stunned disbelief among certain groups, while Varoufakis has so far maintained a deafening silence regarding these claims.
