In a freshly published personal account, titled Ithaki, the ex- premier Tsipras does not hold back as he reflects on that chaotic period of Greece's debt drama.
A Controversial Choice
In the ex-PM's account, he chose that unorthodox academic Yanis Varoufakis to be his treasury head primarily because of the latter's global profile and Varoufakis's “extremely attractive” skills as a speaker.
“He was, truthfully, more like a personality rather than an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader alleges that Varoufakis had a personal motives that involved promoting his books and testing out his economic models on the nation instead of truly advocating its economic stability.
He noted how the negotiations to prevent bankruptcy became “not only a method of achieving a better deal for the country. They were a test, an historic opportunity to prove the truth of his economic theories.”
High-Stakes Negotiations
Amid volatile discussions, Greece came dangerously close to exiting the eurozone.
At stake was not only Greece's future but also those punishing austerity policies required in exchange for bailout funds by foreign lenders.
Failed Options
Efforts to secure financing from other sources, including a desperate plea to Russia to buy Greek bonds, went unanswered.
Assisting Greece would be equivalent to throwing money into the garbage, Putin reportedly informed Tsipras in Moscow.
Referendum and U-Turn
In July 2015, those harsh bailout terms were put to a popular referendum, a move which threw the EU into deeper crisis of identity.
Even though the vote was carried resoundingly by voters against austerity, Tsipras had little option to reject its outcome then negotiate a bailout package with foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who graced the covers of publications globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a parallel currency as well as distributing vouchers to pensioners, Tsipras knew that it was the end and asked him: “Are you serious?”
Enduring Criticism
In the book, the author asserts how his former ally demonstrated himself to be “unsuitable for a deal demanding intricate and delicate handling.”
He further claimed that his confrontational style left him increasingly isolated among peers, endangered the country, and assisted hawks who were pushing for a Greek exit from the euro.
The account of events has been met with fury along with stunned disbelief in some quarters, whereas the former minister has maintained a conspicuous quiet on the matter.
