In a newly released memoir, named Ithaki, the former premier Tsipras pulls no punches while he revisits that turbulent period of Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, he chose that maverick academic Yanis Varoufakis to be the treasury head mainly because of his international reputation along with his very persuasive abilities as a public orator.
“In reality, he was, in reality, more like a personality rather than an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras alleges how his finance chief possessed his own motives that involved advancing Varoufakis's books as well as experimenting with his theories on Greece instead of truly fighting for the country's financial survival.
Tsipras explained that the negotiations to stave off insolvency were “not just a method to secure a better deal for the country. They became a test, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
Amid rollercoaster negotiations, the country came dangerously on the brink of leaving the single currency area.
On the line lay both Greece's destiny but also those severe austerity policies required in return for bailout funds by international creditors.
Unsuccessful Options
Attempts to find funds elsewhere, such as a desperate appeal to Russia to buy Greek bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, the excoriating conditions were put to a popular referendum, an action that threw the EU into a deeper crisis of identity.
Even though the referendum was carried decisively by voters against the cuts, the prime minister had little option to reject its outcome then negotiate a rescue deal with foreign lenders which proved to be more severe.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who attracted publicity, who appeared on the front pages of publications the world over … it seemed he relished the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a secondary currency and distributing vouchers to retirees, the leader said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, the author asserts that Varoufakis demonstrated himself to be “unfit for a deal that required complex and sensitive management.”
Tsipras further claimed how his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were pushing for Grexit.
This retelling of events has provoked anger and stunned disbelief among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.
