Within his recently unveiled personal account, called Ithaki, the former leader Tsipras pulls no punches while he examines that chaotic era of Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's recollections, he chose that unorthodox economist Yanis Varoufakis as his finance minister largely due to the latter's international reputation and Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, actually, more like a star rather than an economist,” recalled Tsipras.
Conflicting Agendas
The former leader claims how Varoufakis possessed his own agenda which included promoting his books and testing out his theories using Greece instead of truly advocating its economic stability.
He wrote that those talks to prevent insolvency were “not just a method of achieving a better deal for the country. They became a test, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense negotiations, the country came dangerously on the brink of exiting the single currency area.
On the line was not only the country's future and the punishing cutbacks demanded in exchange for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to secure financing from other sources, including an urgent appeal to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, those excoriating conditions were put to a public vote, a move which plunged the EU into further crisis of identity.
Although the vote was won decisively by those against the cuts, Tsipras had little option but to ignore the result and agree to a rescue deal with creditors which proved to be more severe.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the covers of publications globally … he gave the impression he relished the spotlight.”
After Varoufakis outlined a contingency plan involving creating a secondary currency as well as distributing coupons to pensioners, the leader knew it was game over and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author asserts that his former ally had proved himself to be “unfit for a deal demanding intricate and delicate management.”
He also claimed that his aggressive approach made him increasingly isolated among peers, endangered the country, while helped hawks that were pushing for a Greek exit from the euro.
The account of events has been met with anger along with stunned disbelief among certain groups, while the former minister has maintained a conspicuous quiet on the matter.
