In a recently unveiled memoir, named Ithaki, the former premier Tsipras pulls no punches while he revisits the turbulent period of Greece's debt drama.
A Controversial Choice
In the ex-PM's account, he selected that maverick economist Yanis Varoufakis as the treasury head primarily because of his global profile and his very persuasive skills as a public orator.
“He was, truthfully, more like a star rather than an economist,” recalled Tsipras.
Conflicting Priorities
The former leader alleges that Varoufakis had a personal motives that included advancing his books and experimenting with his own economic models on Greece rather than truly advocating its financial survival.
Tsipras explained how the discussions to prevent bankruptcy were “not only a method of achieving improved terms for Greece. They became an experiment, an historic chance to demonstrate the truth of Varoufakis's theories.”
Critical Talks
Amid rollercoaster discussions, Greece found itself perilously on the brink of exiting the eurozone.
At stake was both the country's future and those punishing austerity policies demanded in exchange for bailout funds from foreign lenders.
Failed Options
Attempts to secure funds from other sources, such as a desperate plea to Russia to buy Greek bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, those harsh conditions were put to a public vote, a move which plunged Europe into a further crisis of identity.
Even though the vote was carried resoundingly by those who opposed austerity, Tsipras had little option to ignore the result and agree to a bailout package from creditors that proved to be even harsher.
Final Straw
The ex-PM revealed that he started questioning Varoufakis quite early on.
“He was the public image of the talks, the man who attracted media attention, who graced the front pages of publications globally … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy involving establishing a parallel currency as well as distributing vouchers to retirees, the leader knew that it was game over questioning him: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras concludes that his former ally had proved himself to be “unsuitable for a deal that required complex and delicate management.”
He also claimed that Varoufakis's aggressive style made him increasingly isolated among peers, put Greece at risk, and assisted hawks who were advocating Grexit.
The retelling of events has provoked anger and shock among certain groups, while the former minister has maintained a deafening silence on the matter.
