In a newly released memoir, titled Ithaki, the former prime minister Tsipras does not hold back as he revisits the chaotic era of Greece's financial crisis.
A Controversial Appointment
In the ex-PM's account, he appointed that maverick economist Yanis Varoufakis to be the treasury head largely because of his international reputation and his very persuasive skills as a communicator.
“In reality, he was, truthfully, more like a star rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras suggests how his finance chief had a personal motives which included advancing his publications and testing out his own game theories using Greece instead of truly fighting for the country's financial survival.
He wrote how those discussions to avoid bankruptcy were “not just a way of achieving improved terms for the country. They became a test, an historic chance to demonstrate the truth of his ideas.”
Critical Negotiations
Amid volatile discussions, the country found itself dangerously on the brink of exiting the single currency area.
On the line was both Greece's future but also those punishing austerity policies required in return for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to secure funds elsewhere, such as an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those harsh conditions were subjected to a public vote, an action which threw Europe into a deeper crisis of identity.
Although the vote was carried decisively by those who opposed the cuts, Tsipras had little option to reject its outcome then agree to a bailout package from creditors which turned out to be more severe.
Breaking Point
The ex-PM revealed that he started questioning his finance minister quite early on.
“He was the face of negotiation, the man who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a contingency plan involving creating a secondary currency as well as issuing coupons to retirees, the leader knew that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras asserts that his former ally demonstrated himself to be “unfit for an agreement demanding complex and delicate management.”
Tsipras also wrote that his confrontational style made him increasingly isolated among peers, put Greece at risk, while helped hawks that were pushing for a Greek exit from the euro.
This account of history has provoked anger along with shock in some quarters, while the former minister has maintained a deafening silence regarding these claims.
