🔗 Share this article

Within his freshly published personal account, named Ithaki, the former premier Alexis Tsipras does not hold back as he examines that turbulent period during Greece's debt drama.

A Controversial Appointment

According to the ex-PM's version, Tsipras chose the unorthodox academic Varoufakis as the treasury head primarily due to the latter's worldwide fame along with his very persuasive skills as a public orator.

“He was, truthfully, more like a star and less of an economist,” stated Tsipras.

Conflicting Priorities

The former leader claims that Varoufakis possessed his own agenda which involved advancing his books and experimenting with his game theories using Greece rather than truly advocating its financial survival.

Tsipras explained that those negotiations to stave off insolvency became “not just a way to secure a better deal for Greece. They were an experiment, an historic opportunity to demonstrate the truth of his ideas.”

Critical Talks

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

At stake was both the country's destiny and those harsh austerity measures demanded in return for financial aid from foreign lenders.

Failed Alternatives

Attempts to find financing elsewhere, such as an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.

Helping Greece was tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart during their meeting.

Public Vote and U-Turn

In July 2015, those excoriating bailout terms were put to a popular referendum, an action that threw Europe into a further existential crisis.

Although the vote was carried resoundingly by voters who opposed the cuts, the prime minister had little option to ignore the result and negotiate a bailout package with foreign lenders that proved to be tougher.

Breaking Point

The ex-PM claimed how he began to doubt his finance minister quite early on.

“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the front pages of publications globally … he gave the impression he was enjoying his new role.”

When Varoufakis outlined a backup strategy that included establishing a parallel currency as well as distributing vouchers to retirees, the leader said he realised that it was game over questioning him: “Are you serious?”

Lasting Rebuke

Within the memoir, the author concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement demanding intricate and delicate management.”

Tsipras further claimed how his confrontational approach left him increasingly isolated among peers, put Greece at risk, and helped hawks that were advocating Grexit.

This retelling of history has provoked fury and stunned disbelief in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.