In a newly released personal account, called Ithaki, the ex- leader Tsipras pulls no punches as he examines that chaotic era of Greece's financial crisis.
A Controversial Appointment
As per Tsipras's recollections, he appointed the unorthodox economist Yanis Varoufakis as the treasury head mainly because of the latter's global profile along with Varoufakis's very persuasive skills as a public orator.
“He was, actually, more like a star rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
Tsipras alleges how Varoufakis possessed a personal motives that involved promoting his books as well as testing out his own game theories on the nation rather than truly advocating the country's economic stability.
Tsipras wrote how the discussions to prevent insolvency were “not only a method to secure improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid volatile negotiations, the country found itself dangerously close to exiting the single currency area.
At stake lay both Greece's destiny and the severe cutbacks required in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, such as a desperate plea to Russia to buy Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, the harsh conditions were subjected to a popular referendum, a move that threw Europe into a deeper crisis of identity.
Although the referendum was carried decisively by those who opposed the cuts, Tsipras was forced to reject its outcome then agree to a rescue deal with creditors that proved to be tougher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted media attention, who graced the front pages of publications the world over … he gave the impression he relished the spotlight.”
When Varoufakis outlined a contingency plan involving establishing a secondary currency as well as issuing coupons to pensioners, the leader knew that it was game over questioning Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for a deal that required intricate and delicate management.”
He also wrote how his confrontational approach made him increasingly isolated among peers, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.
The retelling of events has been met with fury along with stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence regarding these claims.
