Within his newly released autobiography, titled Ithaki, the former prime minister Tsipras pulls no punches while he revisits the chaotic period during Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's account, he chose that maverick economist Yanis Varoufakis as his treasury head largely because of the latter's global profile and his “extremely attractive” abilities when it came to communicator.
“He was, truthfully, more like a personality and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests that his finance chief had a personal motives that included promoting his publications and experimenting with his own economic models using Greece rather than genuinely advocating the country's financial survival.
He explained that those negotiations to avoid insolvency were “not just a method to secure a better deal for Greece. They were an experiment, a monumental chance to prove the truth of his theories.”
Critical Negotiations
Amid rollercoaster negotiations, Greece came dangerously close to exiting the single currency area.
On the line was both Greece's destiny but also those punishing austerity policies demanded in exchange for bailout funds by foreign lenders.
Failed Alternatives
Attempts to find financing from other sources, including an urgent plea to Russia to buy Greek government bonds, were rejected.
Assisting Greece would be equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, the punitive conditions were subjected to a public vote, an action that threw the EU into a deeper existential crisis.
Although the vote was won decisively by voters who opposed austerity, Tsipras was forced but to ignore the result and agree to a rescue deal from creditors that turned out to be tougher.
Breaking Point
Tsipras claimed how he started questioning his finance minister quite early on.
“He was the face of negotiation, the man who attracted publicity, who graced the covers of magazines the world over … it seemed he relished his new role.”
When the minister proposed a contingency plan that included creating a parallel currency and issuing coupons to pensioners, Tsipras said he realised that it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the memoir, the author concludes that his former ally demonstrated himself to be “unfit for an agreement demanding complex and sensitive handling.”
Tsipras also claimed that his aggressive approach made him more and more alone with colleagues, put Greece at risk, and assisted hardliners who were advocating a Greek exit from the euro.
This account of history has been met with fury along with shock among certain groups, while Varoufakis has kept a deafening silence regarding these claims.
