Within his newly released personal account, named Ithaki, the ex- leader Tsipras does not hold back as he reflects on that chaotic era during Greece's debt drama.
An Unconventional Choice
As per the ex-PM's version, Tsipras appointed the maverick economist Yanis Varoufakis to be his finance minister largely due to his worldwide fame along with Varoufakis's “extremely attractive” abilities as a public orator.
“He was, in reality, more of a celebrity rather than an economic expert,” recalled Tsipras.
Conflicting Agendas
The former leader suggests how his finance chief had a personal motives which involved promoting Varoufakis's publications and experimenting with his economic models on the nation instead of genuinely advocating the country's financial survival.
He explained how the negotiations to stave off insolvency were “not just a method of achieving a better deal for the country. They became an experiment, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself dangerously on the brink of exiting the eurozone.
On the line was not only the country's future and the harsh austerity policies required in exchange for bailout funds from international creditors.
Failed Alternatives
Efforts to find financing elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum and Reversal
In July 2015, the excoriating bailout terms were put to a popular referendum, an action which plunged the EU into deeper crisis of identity.
Even though the vote was won decisively by voters against austerity, Tsipras was forced to reject its outcome and agree to a bailout package with creditors that proved to be more severe.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
After the minister proposed a contingency plan that included creating a parallel currency as well as distributing vouchers to pensioners, the leader knew it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras asserts how Varoufakis had proved himself to be “unfit for an agreement demanding intricate and delicate handling.”
Tsipras also claimed that Varoufakis's aggressive approach left him increasingly isolated among peers, endangered the country, and helped hardliners that were advocating Grexit.
The account of events has been met with anger and stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
