🔗 Share this article

Within his freshly published memoir, named Ithaki, the ex- leader Alexis Tsipras does not hold back while he examines that chaotic period during Greece's debt drama.

A Controversial Appointment

As per the ex-PM's account, Tsipras chose that unorthodox economist Yanis Varoufakis to be his treasury head largely due to his global profile along with his “extremely attractive” skills as a communicator.

“In reality, he was, in reality, more of a personality rather than an economist,” recalled the 51-year-old.

Conflicting Agendas

The former leader claims how his finance chief possessed his own agenda that included advancing his books and testing out his economic models using the nation rather than genuinely fighting for the country's financial survival.

Tsipras wrote how the talks to prevent insolvency were “not only a method to secure a better deal for Greece. They were an experiment, an historic chance to demonstrate the validity of Varoufakis's ideas.”

High-Stakes Talks

During tense negotiations, the country came dangerously on the brink of exiting the single currency area.

At stake was both the country's destiny but also the severe austerity measures demanded in return for financial aid by international creditors.

Failed Options

Efforts to find funds elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.

Helping Greece was equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.

Public Vote Followed by Reversal

That summer, the harsh conditions were put to a popular referendum, an action which plunged the EU into a deeper existential crisis.

Although the referendum was carried decisively by those who opposed austerity, the prime minister was forced but to reject its outcome and negotiate a rescue deal from creditors which proved to be even harsher.

Breaking Point

Tsipras revealed how he began to doubt Varoufakis relatively soon.

“Varoufakis was the face of the talks, the figure who drew media attention, who graced the covers of magazines the world over … he gave the impression he relished the spotlight.”

After the minister outlined a contingency plan involving creating a parallel currency and issuing coupons to pensioners, the leader said he realised it was game over and asked him: “Is this for real?”

Enduring Criticism

Within the book, the author asserts that Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and delicate handling.”

Tsipras further wrote how Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, while assisted hawks who were advocating Grexit.

This retelling of history has been met with anger along with stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.