In a newly released autobiography, called Ithaki, the ex- premier Tsipras pulls no punches while he examines the chaotic era during Greece's economic turmoil.
A Controversial Choice
In Tsipras's account, Tsipras chose that unorthodox economist Yanis Varoufakis as his treasury head largely because of his worldwide fame and Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, actually, more of a star and less of an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader suggests that Varoufakis possessed his own motives which included promoting his books as well as experimenting with his theories on the nation rather than truly advocating its financial survival.
Tsipras wrote how those negotiations to avoid insolvency were “not just a method to secure improved terms for the country. They became an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”
High-Stakes Talks
During volatile negotiations, the country found itself perilously on the brink of exiting the eurozone.
At stake was both Greece's future and the severe cutbacks required in exchange for financial aid from international creditors.
Failed Alternatives
Attempts to secure funds from other sources, such as a desperate appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, the harsh bailout terms were put to a public vote, an action which threw Europe into deeper crisis of identity.
Although the vote was won decisively by voters who opposed the cuts, Tsipras had little option to ignore the result and negotiate a bailout package with creditors which proved to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“He was the face of negotiation, the figure who drew media attention, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy involving creating a parallel currency as well as distributing coupons to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, Tsipras asserts how Varoufakis had proved himself to be “unsuitable for an agreement that required complex and sensitive management.”
Tsipras also wrote that his confrontational approach made him increasingly isolated among peers, put Greece at risk, while helped hawks that were advocating Grexit.
This retelling of events has provoked fury and shock in some quarters, while the former minister has so far maintained a conspicuous quiet regarding these claims.
