Within his recently unveiled personal account, titled Ithaki, the ex- premier Tsipras does not hold back while he revisits that chaotic era of Greece's debt drama.
An Unconventional Choice
As per the ex-PM's version, Tsipras chose that maverick academic Yanis Varoufakis as his treasury head mainly due to the latter's worldwide fame and Varoufakis's highly compelling skills when it came to communicator.
“In reality, he was, truthfully, more of a personality and less of an economist,” recalled Tsipras.
Conflicting Agendas
Tsipras alleges how his finance chief had his own motives that involved promoting Varoufakis's publications and testing out his own economic models on Greece rather than truly advocating its financial survival.
Tsipras wrote that the discussions to stave off bankruptcy were “not only a method to secure a better deal for the country. They became an experiment, an historic opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
During volatile negotiations, Greece found itself perilously close to exiting the single currency area.
On the line lay not only the country's future but also those punishing austerity policies required in exchange for financial aid by international creditors.
Unsuccessful Options
Efforts to secure funds elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, the harsh conditions were put to a popular referendum, an action that plunged the EU into further existential crisis.
Although the referendum was carried resoundingly by those who opposed the cuts, Tsipras had little option but to ignore the result then agree to a bailout package with creditors which turned out to be even harsher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who drew publicity, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a backup strategy involving establishing a secondary currency and distributing coupons to pensioners, Tsipras knew that it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement that required complex and delicate handling.”
He also wrote how his aggressive approach left him more and more alone with colleagues, put Greece at risk, and helped hardliners that were pushing for a Greek exit from the euro.
This account of history has been met with anger along with stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet regarding these claims.
