In a newly released memoir, titled Ithaki, the former prime minister Tsipras does not hold back as he examines the chaotic era of Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's recollections, Tsipras chose that maverick academic Yanis Varoufakis to be the treasury head primarily because of his global profile and his very persuasive abilities as a communicator.
“In reality, he was, actually, more like a celebrity and less of an economist,” stated the 51-year-old.
Clashing Agendas
The former leader suggests that his finance chief possessed his own motives that involved advancing Varoufakis's publications and experimenting with his theories on the nation instead of truly advocating the country's financial survival.
Tsipras explained that those discussions to prevent bankruptcy became “not only a way to secure improved terms for Greece. They became an experiment, a monumental chance to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid tense discussions, Greece came dangerously close to leaving the single currency area.
At stake lay both Greece's future and those harsh austerity policies required in return for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to secure funds from other sources, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Assisting Greece was equivalent to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, the punitive conditions were subjected to a public vote, a move which plunged the EU into further existential crisis.
Even though the referendum was carried resoundingly by those against austerity, Tsipras was forced to ignore the result then negotiate a rescue deal with creditors which proved to be tougher.
Final Straw
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who appeared on the front pages of publications globally … it seemed he relished his new role.”
When the minister proposed a backup strategy that included establishing a secondary currency and issuing vouchers to retirees, the leader knew that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, the author asserts that his former ally had proved himself to be “unsuitable for a deal demanding complex and sensitive handling.”
He also wrote how his confrontational style made him more and more alone among peers, put Greece at risk, and assisted hardliners that were pushing for a Greek exit from the euro.
This account of events has been met with anger and stunned disbelief in some quarters, while Varoufakis has so far kept a conspicuous quiet on the matter.