🔗 Share this article

In a recently unveiled memoir, titled Ithaki, the ex- leader Alexis Tsipras spares no criticism as he reflects on that turbulent period during Greece's economic turmoil.

An Unconventional Choice

In the ex-PM's account, he chose that maverick academic Yanis Varoufakis to be the treasury head largely because of the latter's international reputation and Varoufakis's very persuasive skills as a speaker.

“In reality, he was, in reality, more like a celebrity rather than an economic expert,” recalled Tsipras.

Conflicting Priorities

The former leader alleges how Varoufakis possessed his own motives which involved promoting his books and testing out his own theories on the nation rather than genuinely fighting for the country's economic stability.

He explained that those talks to stave off bankruptcy became “not only a way of achieving a better deal for Greece. They became a test, a monumental chance to demonstrate the validity of his economic theories.”

High-Stakes Talks

Amid volatile discussions, the country found itself dangerously close to exiting the single currency area.

On the line lay not only the country's future but also those punishing austerity policies required in return for rescue loans by foreign lenders.

Unsuccessful Alternatives

Attempts to find funds elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.

Helping the indebted country was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.

Public Vote Followed by U-Turn

That summer, those harsh conditions were subjected to a public vote, a move that plunged the EU into a further crisis of identity.

Although the vote was carried decisively by voters who opposed austerity, the prime minister had little option to reject its outcome then negotiate a rescue deal with foreign lenders which proved to be tougher.

Breaking Point

Tsipras revealed that he started questioning his finance minister relatively soon.

“Varoufakis was the public image of negotiation, the man who drew media attention, who graced the covers of magazines globally … it seemed he relished the spotlight.”

After the minister outlined a contingency plan involving creating a secondary currency as well as issuing coupons to retirees, Tsipras said he realised that it was the end and asked Varoufakis: “Are you serious?”

Enduring Rebuke

Within the memoir, the author concludes how Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and delicate management.”

He further claimed that Varoufakis's aggressive style made him increasingly isolated among peers, endangered the country, and assisted hardliners that were advocating Grexit.

The retelling of events has been met with fury along with stunned disbelief among certain groups, whereas the former minister has maintained a deafening silence on the matter.