In a recently unveiled memoir, named Ithaki, the ex- premier Tsipras pulls no punches while he reflects on that chaotic era of Greece's financial crisis.
A Controversial Choice
In the ex-PM's version, he chose that unorthodox economist Yanis Varoufakis as the finance minister primarily because of the latter's international reputation along with his very persuasive abilities when it came to communicator.
“In reality, he was, in reality, more like a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader alleges that Varoufakis possessed his own agenda that involved promoting Varoufakis's publications and testing out his own game theories on the nation instead of truly fighting for its economic stability.
He explained how the negotiations to stave off insolvency were “not just a way to secure a better deal for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of his economic theories.”
Critical Negotiations
Amid rollercoaster negotiations, Greece came perilously on the brink of exiting the single currency area.
At stake was both Greece's destiny but also the punishing cutbacks required in return for bailout funds by international creditors.
Unsuccessful Options
Efforts to secure funds from other sources, such as a desperate plea to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country was tantamount to throwing money in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those punitive conditions were put to a popular referendum, an action that threw the EU into a further crisis of identity.
Even though the referendum was won decisively by voters who opposed the cuts, the prime minister had little option to reject its outcome then negotiate a rescue deal from creditors that proved to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister relatively soon.
“He was the public image of the talks, the figure who drew publicity, who graced the covers of magazines globally … it seemed he relished the spotlight.”
When the minister outlined a backup strategy that included creating a secondary currency and issuing coupons to pensioners, Tsipras knew that it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras concludes how Varoufakis had proved himself to be “unfit for an agreement that required complex and delicate management.”
He also claimed how Varoufakis's aggressive approach left him increasingly isolated with colleagues, endangered the country, and assisted hawks that were advocating a Greek exit from the euro.
This retelling of events has been met with anger and shock among certain groups, while the former minister has maintained a conspicuous quiet on the matter.
