🔗 Share this article

In a newly released memoir, titled Ithaki, the former premier Tsipras spares no criticism while he revisits that turbulent era of Greece's financial crisis.

An Unconventional Appointment

In Tsipras's account, Tsipras selected the maverick economist Varoufakis as his treasury head primarily because of his global profile along with his very persuasive abilities when it came to speaker.

“In reality, he was, actually, more like a celebrity and less of an economist,” recalled Tsipras.

Clashing Agendas

Tsipras alleges how Varoufakis possessed his own agenda which involved promoting Varoufakis's books as well as testing out his own theories on the nation rather than genuinely fighting for its financial survival.

Tsipras noted how the negotiations to avoid bankruptcy became “not just a way of achieving a better deal for the country. They were a test, a monumental chance to demonstrate the validity of his economic theories.”

High-Stakes Negotiations

During volatile negotiations, the country came perilously close to exiting the single currency area.

On the line was both the country's future and those severe cutbacks demanded in exchange for rescue loans from foreign lenders.

Failed Alternatives

Attempts to find financing from other sources, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.

Helping Greece was equivalent to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.

Public Vote Followed by U-Turn

That summer, those punitive conditions were put to a popular referendum, an action that threw the EU into a deeper crisis of identity.

Even though the vote was won decisively by those who opposed the cuts, Tsipras was forced to ignore the result and negotiate a rescue deal with creditors which proved to be tougher.

Final Straw

Tsipras claimed 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 covers of publications the world over … it seemed he relished the spotlight.”

After Varoufakis outlined a contingency plan that included creating a parallel currency and issuing coupons to pensioners, the leader knew it was game over and asked Varoufakis: “Can you be serious?”

Enduring Rebuke

Within the book, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for a deal that required intricate and delicate handling.”

He further claimed how his confrontational approach left him more and more alone among peers, put Greece at risk, and assisted hardliners that were advocating a Greek exit from the euro.

The retelling of history has been met with fury and shock among certain groups, whereas the former minister has kept a deafening silence on the matter.