In a freshly published personal account, titled Ithaki, the former premier Tsipras pulls no punches as he reflects on the turbulent era of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras selected the maverick academic Yanis Varoufakis to be his finance minister mainly because of the latter's worldwide fame and his “extremely attractive” skills as a public orator.
“In reality, he was, truthfully, more of a star rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras claims that his finance chief had his own agenda which included promoting Varoufakis's books as well as experimenting with his own economic models on Greece instead of truly fighting for the country's financial survival.
He noted how the negotiations to stave off bankruptcy became “not just a way of achieving improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”
Critical Negotiations
During rollercoaster negotiations, the country came perilously on the brink of leaving the eurozone.
At stake lay not only the country's future but also those harsh austerity measures required in exchange for bailout funds from international creditors.
Unsuccessful Options
Attempts to secure funds from other sources, including a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, those harsh conditions were put to a public vote, a move which plunged the EU into a further crisis of identity.
Even though the vote was won decisively by those against the cuts, the prime minister was forced to ignore the result and agree to a bailout package from foreign lenders which proved to be even harsher.
Breaking Point
Tsipras claimed how he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the man who attracted media attention, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency as well as distributing coupons to pensioners, Tsipras knew it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, the author concludes that his former ally demonstrated himself to be “unsuitable for a deal demanding intricate and sensitive handling.”
Tsipras also claimed that his aggressive approach left him more and more alone with colleagues, put Greece at risk, while assisted hawks that were pushing for Grexit.
The account of history has been met with fury along with stunned disbelief among certain groups, whereas the former minister has kept a deafening silence on the matter.
