In a freshly published personal account, named Ithaki, the former premier Tsipras does not hold back while he examines the chaotic era of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's recollections, Tsipras selected that maverick academic Yanis Varoufakis as the finance minister largely due to the latter's worldwide fame along with his very persuasive abilities when it came to public orator.
“In reality, he was, truthfully, more like a personality and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader alleges how his finance chief possessed his own agenda which included advancing Varoufakis's publications as well as testing out his theories using Greece instead of truly fighting for its economic stability.
Tsipras noted that the discussions to stave off bankruptcy were “not only a way to secure improved terms for Greece. They became a test, an historic opportunity to demonstrate the validity of his theories.”
High-Stakes Talks
During rollercoaster discussions, Greece came perilously close to leaving the single currency area.
On the line was not only the country's future but also those punishing austerity policies demanded in return for rescue loans by international creditors.
Failed Options
Efforts to secure financing elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those harsh conditions were subjected to a public vote, an action which threw Europe into further crisis of identity.
Even though the vote was won resoundingly by voters who opposed the cuts, the prime minister was forced to ignore the result then agree to a rescue deal with foreign lenders which proved to be more severe.
Breaking Point
Tsipras claimed that he started questioning Varoufakis relatively soon.
“He was the face of the talks, the man who attracted media attention, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency as well as distributing coupons to pensioners, the leader said he realised it was game over and asked him: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras concludes how Varoufakis had proved himself to be “unsuitable for an agreement demanding complex and delicate management.”
Tsipras further wrote that his confrontational approach left him increasingly isolated among peers, endangered the country, while assisted hardliners who were advocating Grexit.
This account of events has provoked fury and shock in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.
