In a newly released memoir, called Ithaki, the ex- prime minister Tsipras pulls no punches while he examines that chaotic period of Greece's debt drama.
An Unconventional Choice
In Tsipras's recollections, Tsipras appointed the maverick economist Yanis Varoufakis as his treasury head largely because of his global profile along with his very persuasive skills as a communicator.
“In reality, he was, truthfully, more of a celebrity and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
The former leader suggests how Varoufakis had his own motives which included promoting Varoufakis's publications and testing out his game theories using the nation instead of genuinely fighting for its economic stability.
Tsipras explained how those negotiations to avoid insolvency became “not just a method of achieving a better deal for the country. They were a test, an historic opportunity to prove the truth of his economic theories.”
High-Stakes Negotiations
Amid volatile discussions, the country found itself perilously close to leaving the single currency area.
On the line lay both the country's destiny but also those harsh austerity measures required in return for bailout funds from international creditors.
Unsuccessful Alternatives
Efforts to find financing from other sources, including an urgent plea to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Referendum and U-Turn
In July 2015, those excoriating bailout terms were subjected to a public vote, an action that plunged Europe into further crisis of identity.
Even though the referendum was won resoundingly by voters who opposed austerity, Tsipras had little option to ignore the result and agree to a rescue deal from foreign lenders that proved to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying his new role.”
When the minister proposed a contingency plan involving creating a secondary currency and issuing vouchers to pensioners, the leader said he realised that it was the end questioning him: “Is this for real?”
Enduring Rebuke
Within the book, the author asserts how his former ally demonstrated himself “unfit for a deal that required intricate and delicate management.”
He also wrote that his aggressive approach made him increasingly isolated among peers, endangered the country, and assisted hawks who were pushing for a Greek exit from the euro.
The retelling of history has provoked anger and stunned disbelief in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.
