Within his newly released autobiography, titled Ithaki, the ex- premier Tsipras pulls no punches as he reflects on the turbulent period of Greece's debt drama.
A Controversial Choice
According to Tsipras's version, Tsipras selected the maverick academic Yanis Varoufakis to be his finance minister mainly because of the latter's global profile along with his very persuasive abilities as a public orator.
“In reality, he was, actually, more like a celebrity rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader alleges that his finance chief had a personal motives which included advancing his publications as well as testing out his own economic models using the nation instead of genuinely fighting for its financial survival.
Tsipras wrote how the negotiations to prevent bankruptcy were “not only a way to secure a better deal for Greece. They were a test, an historic chance to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During tense negotiations, Greece came perilously on the brink of exiting the single currency area.
At stake lay both Greece's future and those harsh cutbacks demanded in exchange for bailout funds by foreign lenders.
Unsuccessful Options
Attempts to find financing elsewhere, including a desperate appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum Followed by Reversal
That summer, those punitive conditions were put to a public vote, an action that threw Europe into further crisis of identity.
Even though the referendum was won decisively by voters who opposed the cuts, the prime minister had little option to ignore the result and agree to a bailout package from foreign lenders which turned out to be more severe.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who graced the covers of magazines the world over … it seemed he relished his new role.”
When the minister outlined a contingency plan involving establishing a parallel currency and issuing coupons to pensioners, Tsipras knew it was the end and asked him: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author asserts how his former ally had proved himself to be “unfit for a deal demanding intricate and sensitive management.”
He also wrote that his aggressive style left him more and more alone among peers, endangered the country, while assisted hawks that were pushing for Grexit.
The retelling of events has provoked anger and stunned disbelief in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
