In a newly released memoir, called Ithaki, the former premier Tsipras does not hold back while he reflects on that turbulent era of Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's recollections, Tsipras selected the maverick economist Yanis Varoufakis as the treasury head largely because of the latter's worldwide fame along with his “extremely attractive” abilities when it came to communicator.
“He was, actually, more of a celebrity rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader claims that Varoufakis possessed his own motives which involved promoting his publications and testing out his theories on the nation instead of truly advocating its economic stability.
He wrote that the discussions to avoid bankruptcy were “not just a method to secure a better deal for Greece. They were an experiment, an historic chance to prove the validity of his economic theories.”
High-Stakes Talks
Amid tense discussions, Greece came perilously close to exiting the single currency area.
At stake was not only Greece's future but also those punishing austerity measures required in return for rescue loans from international creditors.
Failed Alternatives
Attempts to secure funds from other sources, including an urgent plea to Russia to buy Greek government bonds, were rejected.
Helping Greece was tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, those punitive conditions were put to a popular referendum, an action that threw Europe into deeper crisis of identity.
Even though the vote was won decisively by voters against austerity, the prime minister was forced but to ignore the result and negotiate a rescue deal with creditors which turned out to be even harsher.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the man who drew publicity, who graced the covers of magazines the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a secondary currency as well as distributing vouchers to retirees, the leader said he realised that it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras concludes how his former ally demonstrated himself “unsuitable for a deal demanding intricate and sensitive handling.”
He also wrote that his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while helped hawks who were pushing for a Greek exit from the euro.
The account of events has been met with anger along with shock in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
