In a recently unveiled memoir, called Ithaki, the former prime minister Tsipras spares no criticism as he examines the turbulent period of Greece's debt drama.
A Controversial Choice
According to the ex-PM's account, he chose that maverick economist Yanis Varoufakis to be his finance minister largely due to his global profile along with his highly compelling abilities as a communicator.
“In reality, he was, truthfully, more of a star and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader alleges that Varoufakis had a personal agenda that included promoting his books as well as testing out his economic models using the nation rather than genuinely advocating the country's financial survival.
Tsipras noted that the talks to avoid bankruptcy were “not just a method to secure improved terms for the country. They became a test, a monumental chance to demonstrate the validity of his ideas.”
High-Stakes Negotiations
During tense discussions, the country came dangerously close to leaving the eurozone.
On the line was both Greece's destiny and the punishing austerity policies demanded in return for financial aid by foreign lenders.
Failed Alternatives
Attempts to find financing elsewhere, such as a desperate appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting Greece was equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, the punitive bailout terms were subjected to a popular referendum, an action that threw Europe into further existential crisis.
Even though the referendum was carried decisively by voters who opposed austerity, the prime minister had little option but to ignore the result then agree to a rescue deal with foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the front pages 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 and issuing coupons to pensioners, the leader said he realised it was the end and asked him: “Can you be serious?”
Lasting Criticism
Within the book, the author concludes how his former ally had proved himself to be “unfit for an agreement that required complex and delicate handling.”
He also wrote how his aggressive approach left him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were advocating a Greek exit from the euro.
The retelling of events has provoked anger along with shock among certain groups, whereas Varoufakis has so far maintained a deafening silence on the matter.
