Within his newly released personal account, titled Ithaki, the ex- leader Tsipras does not hold back while he revisits the chaotic era during Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's recollections, he chose the unorthodox economist Yanis Varoufakis to be the treasury head primarily because of his global profile along with Varoufakis's “extremely attractive” abilities as a speaker.
“In reality, he was, actually, more of a celebrity rather than an economist,” recalled Tsipras.
Clashing Priorities
Tsipras alleges that Varoufakis had a personal motives that involved advancing his publications as well as testing out his own game theories using Greece instead of truly fighting for its financial survival.
Tsipras explained how the discussions to stave off bankruptcy became “not just a way of achieving a better deal for Greece. They became an experiment, an historic chance to demonstrate the truth of his theories.”
High-Stakes Talks
During tense discussions, the country found itself dangerously on the brink of leaving the single currency area.
On the line lay not only Greece's destiny but also those harsh cutbacks required in return for rescue loans from foreign lenders.
Failed Alternatives
Efforts to secure funds elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money in the trash-can, Putin reportedly told Tsipras in Moscow.
Referendum Followed by Reversal
That summer, the excoriating conditions were subjected to a public vote, an action that threw the EU into further existential crisis.
Even though the vote was carried resoundingly by voters against austerity, Tsipras was forced but to ignore the result then negotiate a bailout package with creditors which proved to be more severe.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted publicity, who graced the covers of magazines the world over … he gave the impression he relished the spotlight.”
When Varoufakis proposed a contingency plan that included establishing a parallel currency as well as issuing vouchers to pensioners, the leader knew it was game over questioning him: “Can you be serious?”
Enduring Criticism
Within the memoir, the author asserts that his former ally demonstrated himself to be “unfit for a deal that required complex and delicate handling.”
He further wrote how Varoufakis's aggressive style made him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners that were pushing for Grexit.
The retelling of events has been met with anger and stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
