Within his newly released memoir, called Ithaki, the former leader Tsipras pulls no punches as he reflects on that chaotic period during Greece's debt drama.
An Unconventional Choice
According to the ex-PM's recollections, Tsipras selected the unorthodox academic Yanis Varoufakis to be his finance minister largely because of the latter's worldwide fame along with his very persuasive abilities as a speaker.
“In reality, he was, in reality, more like a celebrity rather than an economic expert,” wrote the 51-year-old.
Clashing Agendas
The former leader alleges that Varoufakis possessed a personal agenda which involved promoting his books and experimenting with his economic models using Greece instead of genuinely fighting for the country's economic stability.
Tsipras wrote how those discussions to prevent insolvency became “not only a method of achieving improved terms for Greece. They were a test, an historic opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
During rollercoaster discussions, the country came dangerously close to exiting the eurozone.
At stake was not only the country's future but also those severe cutbacks required in exchange for bailout funds by foreign lenders.
Unsuccessful Options
Attempts to secure financing elsewhere, such as an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece was tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, the punitive bailout terms were subjected to a popular referendum, an action which plunged the EU into further crisis of identity.
Even though the referendum was carried decisively by voters against the cuts, Tsipras had little option but to ignore the result then negotiate a bailout package with creditors which turned out to be more severe.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who attracted publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a contingency plan that included establishing a secondary currency and distributing coupons to retirees, the leader knew that it was the end and asked him: “Are you serious?”
Enduring Rebuke
In the memoir, the author asserts that Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and sensitive handling.”
Tsipras also wrote how his confrontational style left him increasingly isolated among peers, endangered the country, while assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of events has provoked anger and stunned disbelief in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.
