In a newly released personal account, named Ithaki, the former premier Tsipras spares no criticism as he examines the turbulent period during Greece's debt drama.
An Unconventional Choice
In the ex-PM's account, he chose the maverick economist Yanis Varoufakis as his finance minister primarily due to his global profile along with Varoufakis's “extremely attractive” abilities when it came to speaker.
“He was, truthfully, more like a star rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges how his finance chief had his own agenda which involved advancing Varoufakis's publications and experimenting with his theories on Greece rather than genuinely advocating the country's economic stability.
He noted how the negotiations to avoid bankruptcy became “not only a method to secure improved terms for Greece. They became an experiment, an historic opportunity to prove the truth of his economic theories.”
Critical Talks
Amid rollercoaster discussions, the country found itself dangerously on the brink of leaving the eurozone.
On the line was both the country's future and those harsh cutbacks demanded in return for rescue loans from international creditors.
Unsuccessful Alternatives
Attempts to find funds elsewhere, including an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, the excoriating bailout terms were put to a public vote, a move that plunged Europe into a deeper crisis of identity.
Even though the vote was carried resoundingly by those who opposed austerity, Tsipras had little option to reject its outcome then negotiate a rescue deal from creditors that turned out to be more severe.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who attracted publicity, who appeared on the front pages of magazines globally … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency and distributing coupons to retirees, the leader knew it was the end questioning him: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts how Varoufakis had proved himself to be “unsuitable for an agreement demanding complex and delicate management.”
He also claimed that Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, and helped hardliners that were advocating a Greek exit from the euro.
This account of history has provoked fury along with shock in some quarters, while the former minister has so far maintained a conspicuous quiet regarding these claims.
