In a recently unveiled memoir, titled Ithaki, the former premier Tsipras does not hold back while he examines the chaotic era of Greece's debt drama.
An Unconventional Choice
As per Tsipras's recollections, he chose the unorthodox economist Yanis Varoufakis to be the finance minister mainly due to the latter's worldwide fame and Varoufakis's very persuasive skills when it came to speaker.
“In reality, he was, in reality, more of a personality and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader suggests that Varoufakis had his own motives that included promoting his publications as well as experimenting with his own economic models on the nation instead of truly fighting for its financial survival.
He explained how the talks to avoid bankruptcy were “not just a method of achieving improved terms for Greece. They became a test, an historic opportunity to demonstrate the truth of his ideas.”
High-Stakes Negotiations
Amid tense discussions, the country came perilously on the brink of exiting the eurozone.
On the line was both Greece's destiny but also the harsh austerity policies required in return for rescue loans from international creditors.
Failed Options
Attempts to find financing elsewhere, including an urgent appeal to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money in the trash-can, Putin reportedly informed Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, the punitive conditions were subjected to a public vote, a move which plunged the EU into further existential crisis.
Although the vote was carried decisively by voters against austerity, the prime minister was forced to ignore the result and negotiate a rescue deal from foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who graced the covers of magazines the world over … it seemed he was enjoying his new role.”
When Varoufakis proposed a contingency plan that included creating a parallel currency as well as issuing coupons to pensioners, Tsipras knew it was game over and asked Varoufakis: “Is this for real?”
Lasting Criticism
Within the memoir, the author asserts how his former ally demonstrated himself “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras further claimed that his aggressive style left him increasingly isolated among peers, put Greece at risk, and helped hawks who were pushing for Grexit.
The retelling of events has provoked anger along with shock among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
