🔗 Share this article

In a recently unveiled memoir, named Ithaki, the former premier Alexis Tsipras spares no criticism as he revisits that turbulent era of Greece's debt drama.

A Controversial Appointment

According to the ex-PM's version, he chose the maverick academic Yanis Varoufakis as his treasury head primarily due to the latter's worldwide fame and Varoufakis's highly compelling abilities as a public orator.

“In reality, he was, truthfully, more like a celebrity and less of an economist,” wrote the 51-year-old.

Clashing Agendas

The former leader suggests how Varoufakis possessed a personal motives which included advancing his publications and testing out his own economic models on Greece instead of truly fighting for its financial survival.

He explained how the talks to prevent bankruptcy became “not just a way to secure a better deal for the country. They were an experiment, an historic chance to demonstrate the truth of his theories.”

Critical Negotiations

During rollercoaster discussions, the country came perilously close to exiting the eurozone.

At stake was both the country's destiny but also those punishing cutbacks required in return for financial aid by international creditors.

Failed Options

Efforts to find funds from other sources, such as an urgent plea to the Kremlin to buy Greek bonds, went unanswered.

Helping Greece was equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.

Referendum and Reversal

In July 2015, the excoriating bailout terms were subjected to a popular referendum, a move which threw Europe into further crisis of identity.

Although the referendum was won resoundingly by voters who opposed the cuts, Tsipras was forced to ignore the result and negotiate a bailout package with foreign lenders that proved to be tougher.

Final Straw

The ex-PM revealed how he started questioning Varoufakis quite early on.

“He was the public image of the talks, the figure who attracted media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”

When Varoufakis proposed a backup strategy that included establishing a parallel currency as well as distributing coupons to retirees, the leader knew that it was game over questioning Varoufakis: “Is this for real?”

Lasting Rebuke

Within the book, Tsipras asserts that Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and sensitive management.”

He also wrote how Varoufakis's aggressive approach left him more and more alone with colleagues, endangered the country, and helped hawks that were pushing for a Greek exit from the euro.

This retelling of events has been met with anger and shock in some quarters, while the former minister has so far maintained a deafening silence on the matter.