In a freshly published personal account, named Ithaki, the former premier Tsipras does not hold back while he reflects on that turbulent period during Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's account, he chose the maverick economist Yanis Varoufakis as his treasury head primarily because of his international reputation and his highly compelling skills as a public orator.
“He was, truthfully, more like a personality and less of an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader claims how his finance chief possessed his own motives that included advancing Varoufakis's publications and experimenting with his economic models on Greece rather than truly advocating the country's economic stability.
Tsipras noted that the discussions to stave off bankruptcy became “not just a method of achieving improved terms for the country. They were an experiment, an historic chance to prove the validity of his ideas.”
High-Stakes Talks
During tense negotiations, the country came perilously close to leaving the single currency area.
At stake was not only Greece's destiny but also those harsh austerity measures required in exchange for rescue loans from international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, including an urgent plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those harsh conditions were put to a public vote, a move which plunged the EU into a further crisis of identity.
Even though the vote was won resoundingly by those who opposed austerity, the prime minister had little option to ignore the result and agree to a rescue deal from foreign lenders that proved to be more severe.
Final Straw
Tsipras claimed that he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the man who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
After the minister outlined a backup strategy that included establishing a secondary currency and issuing vouchers to pensioners, Tsipras knew that it was the end questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the book, the author concludes that his former ally had proved himself to be “unsuitable for a deal that required complex and sensitive management.”
Tsipras further wrote that Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, and assisted hawks that were advocating Grexit.
The account of events has been met with anger along with stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet on the matter.
