Within his recently unveiled personal account, named Ithaki, the ex- prime minister Tsipras pulls no punches while he examines that turbulent era of Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's account, he appointed the unorthodox academic Yanis Varoufakis as the treasury head largely due to his global profile and his very persuasive abilities as a public orator.
“He was, in reality, more of a celebrity and less of an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges that Varoufakis had his own motives which included advancing Varoufakis's books as well as testing out his economic models using Greece rather than genuinely advocating the country's financial survival.
Tsipras noted that those negotiations to avoid insolvency became “not just a method to secure a better deal for Greece. They became an experiment, a monumental chance to prove the validity of his ideas.”
Critical Negotiations
During rollercoaster negotiations, Greece came perilously close to leaving the eurozone.
At stake was both the country's future and the harsh cutbacks required in exchange for bailout funds by foreign lenders.
Failed Options
Efforts to find funds from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Helping Greece would be equivalent to tossing cash into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, the excoriating bailout terms were subjected to a popular referendum, an action which plunged Europe into deeper crisis of identity.
Although the referendum was carried decisively by those who opposed austerity, the prime minister had little option but to ignore the result and negotiate a bailout package with foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister quite early on.
“He was the public image of negotiation, the figure who attracted publicity, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
When the minister outlined a contingency plan that included creating a secondary currency and distributing coupons to retirees, Tsipras knew that it was the end questioning him: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras concludes that his former ally had proved himself “unsuitable for an agreement demanding complex and delicate management.”
Tsipras also wrote that his aggressive approach made him more and more alone with colleagues, put Greece at risk, and helped hardliners who were advocating a Greek exit from the euro.
The retelling of events has provoked fury along with shock in some quarters, while the former minister has so far kept a deafening silence on the matter.
