Within his newly released memoir, named Ithaki, the former leader Tsipras pulls no punches as he revisits the chaotic era during Greece's financial crisis.
An Unconventional Choice
In the ex-PM's account, he chose that unorthodox economist Yanis Varoufakis to be his treasury head largely due to his global profile along with Varoufakis's highly compelling abilities when it came to speaker.
“He was, in reality, more of a celebrity and less of an economist,” wrote Tsipras.
Conflicting Priorities
Tsipras claims that his finance chief possessed his own motives that involved advancing his publications and testing out his own theories on the nation rather than truly fighting for the country's economic stability.
Tsipras explained that the discussions to prevent bankruptcy became “not only a method to secure improved terms for Greece. They became a test, a monumental chance to prove the truth of his theories.”
High-Stakes Talks
Amid tense negotiations, Greece came perilously on the brink of leaving the eurozone.
On the line lay not only Greece's future but also those harsh cutbacks demanded in return for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to find financing elsewhere, such as an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, those excoriating bailout terms were subjected to a public vote, a move that threw the EU into deeper existential crisis.
Although the referendum was won resoundingly by those against austerity, the prime minister had little option but to ignore the result then agree to a rescue deal from creditors which turned out to be more severe.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew publicity, who graced the covers of magazines the world over … it seemed he relished his new role.”
After Varoufakis proposed a backup strategy that included establishing a secondary currency as well as distributing coupons to retirees, the leader said he realised it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, Tsipras asserts that Varoufakis had proved himself to be “unsuitable for a deal that required complex and delicate management.”
He also wrote how his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
The retelling of history has been met with anger along with shock among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.
