In a newly released memoir, titled Ithaki, the former prime minister Tsipras does not hold back as he revisits the turbulent era of Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's account, Tsipras selected the maverick academic Yanis Varoufakis as the finance minister mainly due to the latter's global profile along with his highly compelling skills as a speaker.
“In reality, he was, truthfully, more of a star rather than an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras claims how Varoufakis had a personal agenda that involved advancing Varoufakis's publications as well as testing out his own economic models on Greece instead of truly fighting for the country's financial survival.
He noted that the discussions to stave off bankruptcy were “not only a method of achieving a better deal for the country. They became a test, an historic chance to demonstrate the validity of his theories.”
High-Stakes Negotiations
During volatile negotiations, the country found itself perilously close to leaving the eurozone.
On the line was not only Greece's destiny but also the punishing austerity measures required in exchange for rescue loans by international creditors.
Failed Options
Attempts to find financing from other sources, including an urgent plea to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece was tantamount to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the harsh bailout terms were subjected to a public vote, an action which plunged the EU into deeper crisis of identity.
Even though the vote was carried decisively by those against austerity, the prime minister had little option to reject its outcome then agree to a bailout package with creditors which turned out to be tougher.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of publications the world over … he gave the impression he relished his new role.”
After the minister outlined a backup strategy that included establishing a secondary currency as well as issuing vouchers to retirees, Tsipras knew that it was game over questioning him: “Can you be serious?”
Lasting Criticism
Within the memoir, the author concludes how Varoufakis had proved himself “unfit for an agreement that required complex and delicate handling.”
Tsipras further wrote that his confrontational approach made him increasingly isolated among peers, endangered the country, and helped hawks who were pushing for Grexit.
This account of history has been met with anger along with shock in some quarters, while Varoufakis has maintained a deafening silence regarding these claims.
