In a newly released memoir, named Ithaki, the former prime minister Tsipras spares no criticism while he revisits the turbulent period of Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's recollections, he selected the maverick academic Yanis Varoufakis to be his treasury head primarily because of the latter's global profile along with Varoufakis's highly compelling abilities when it came to public orator.
“In reality, he was, truthfully, more of a celebrity rather than an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader claims that Varoufakis had his own motives that involved advancing his books as well as experimenting with his own economic models on the nation instead of genuinely fighting for the country's financial survival.
He wrote how the discussions to prevent insolvency became “not only a method to secure improved terms for Greece. They were an experiment, a monumental chance to demonstrate the truth of his theories.”
Critical Talks
During rollercoaster discussions, Greece found itself dangerously close to exiting the eurozone.
At stake lay both Greece's future and the harsh austerity measures required in exchange for rescue loans from international creditors.
Failed Options
Attempts to find financing elsewhere, such as a desperate plea to Russia to buy Greek bonds, were rejected.
Helping Greece would be equivalent to tossing cash in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those harsh conditions were subjected to a public vote, an action which threw Europe into deeper crisis of identity.
Even though the referendum was carried resoundingly by those who opposed austerity, the prime minister was forced but to ignore the result and negotiate a rescue deal with creditors which proved to be even harsher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the man who attracted publicity, who appeared on the front pages of magazines the world over … he gave the impression he relished his new role.”
After the minister proposed a backup strategy involving establishing a parallel currency and distributing coupons to retirees, Tsipras said he realised it was the end and asked him: “Is this for real?”
Lasting Criticism
In the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for a deal that required intricate and sensitive handling.”
He also wrote that his confrontational style made him more and more alone with colleagues, endangered the country, while helped hawks that were pushing for a Greek exit from the euro.
This retelling of events has been met with fury and shock in some quarters, while the former minister has so far maintained a conspicuous quiet on the matter.
