In a recently unveiled personal account, titled Ithaki, the ex- prime minister Tsipras does not hold back as he reflects on that turbulent era during Greece's economic turmoil.
An Unconventional Choice
In Tsipras's recollections, Tsipras appointed the unorthodox academic Yanis Varoufakis as the treasury head primarily due to the latter's worldwide fame and Varoufakis's “extremely attractive” abilities as a speaker.
“He was, in reality, more of a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges how his finance chief had a personal motives which included advancing his books and testing out his economic models using the nation rather than truly advocating the country's economic stability.
He explained that the talks to prevent insolvency became “not only a way to secure a better deal for the country. They were an experiment, an historic chance to prove the validity of his economic theories.”
High-Stakes Talks
Amid volatile negotiations, the country found itself perilously on the brink of leaving the single currency area.
On the line lay not only the country's destiny and the severe austerity measures demanded in return for bailout funds by international creditors.
Unsuccessful Options
Attempts to secure funds elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country was equivalent to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum and Reversal
In July 2015, those punitive bailout terms were put to a public vote, an action that plunged the EU into deeper existential crisis.
Even though the vote was carried decisively by those who opposed the cuts, the prime minister had little option but to ignore the result then negotiate a bailout package from creditors that proved to be more severe.
Final Straw
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the man who attracted media attention, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”
When the minister outlined a backup strategy involving establishing a parallel currency as well as issuing coupons to pensioners, Tsipras knew it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the book, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and delicate handling.”
Tsipras also claimed how Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were pushing for a Greek exit from the euro.
This retelling of events has been met with anger along with shock among certain groups, while Varoufakis has maintained a deafening silence on the matter.
