In a freshly published autobiography, named Ithaki, the former prime minister Tsipras spares no criticism while he revisits that chaotic era of Greece's debt drama.
A Controversial Appointment
In Tsipras's account, Tsipras chose the unorthodox academic Yanis Varoufakis as the treasury head primarily because of his worldwide fame and Varoufakis's “extremely attractive” skills when it came to communicator.
“He was, actually, more of a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader alleges how his finance chief had a personal motives that included advancing his publications and testing out his own game theories using Greece instead of genuinely advocating its financial survival.
He wrote how those discussions to prevent bankruptcy became “not only a method to secure a better deal for Greece. They were an experiment, a monumental opportunity to prove the validity of his ideas.”
High-Stakes Negotiations
Amid tense discussions, Greece came dangerously close to leaving the single currency area.
At stake lay not only Greece's future but also the punishing austerity policies demanded in return for rescue loans by foreign lenders.
Failed Options
Efforts to find financing elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, the harsh bailout terms were subjected to a public vote, an action which plunged the EU into a further crisis of identity.
Although the referendum was won resoundingly by those against the cuts, Tsipras had little option but to reject its outcome then agree to a rescue deal from foreign lenders that proved to be even harsher.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who attracted publicity, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan that included creating a secondary currency as well as distributing coupons to retirees, Tsipras said he realised that it was the end questioning him: “Is this for real?”
Enduring Rebuke
In the memoir, Tsipras concludes how his former ally had proved himself “unsuitable for an agreement demanding complex and sensitive management.”
Tsipras also claimed how his aggressive approach left him more and more alone with colleagues, endangered the country, while helped hardliners that were pushing for a Greek exit from the euro.
The retelling of history has been met with fury and stunned disbelief among certain groups, while Varoufakis has maintained a deafening silence on the matter.
