Within his recently unveiled memoir, called Ithaki, the ex- prime minister Tsipras pulls no punches as he examines the chaotic period during Greece's debt drama.
An Unconventional Appointment
In Tsipras's version, Tsipras chose the maverick academic Yanis Varoufakis as the finance minister largely due to his international reputation along with Varoufakis's very persuasive abilities as a communicator.
“In reality, he was, actually, more of a celebrity rather than an economist,” wrote Tsipras.
Clashing Priorities
The former leader suggests how his finance chief had a personal motives which included advancing his publications as well as experimenting with his economic models using the nation rather than truly advocating its financial survival.
Tsipras noted how those talks to prevent bankruptcy were “not only a method to secure improved terms for Greece. They were a test, an historic chance to demonstrate the validity of Varoufakis's theories.”
Critical Negotiations
During tense negotiations, Greece found itself perilously close to exiting the eurozone.
On the line was both the country's destiny and the severe austerity policies required in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to secure financing elsewhere, including an urgent plea to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Referendum and Reversal
In July 2015, those excoriating bailout terms were subjected to a popular referendum, an action that plunged Europe into a deeper existential crisis.
Although the vote was won decisively by voters who opposed the cuts, Tsipras had little option but to ignore the result and negotiate a rescue deal with creditors that proved to be tougher.
Breaking Point
Tsipras claimed that he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying his new role.”
After the minister outlined a contingency plan involving establishing a parallel currency and issuing coupons to pensioners, Tsipras knew that it was game over questioning him: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras asserts that his former ally had proved himself to be “unfit for a deal that required intricate and delicate management.”
He also claimed how Varoufakis's confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while helped hawks who were pushing for a Greek exit from the euro.
This retelling of history has been met with anger and shock among certain groups, while the former minister has maintained a deafening silence on the matter.
