🔗 Share this article

In a recently unveiled memoir, named Ithaki, the ex- leader Alexis Tsipras does not hold back while he examines that chaotic period during Greece's economic turmoil.

An Unconventional Choice

According to the ex-PM's recollections, he appointed the maverick economist Varoufakis to be the treasury head largely due to the latter's worldwide fame and Varoufakis's “extremely attractive” skills when it came to public orator.

“In reality, he was, actually, more of a star rather than an economist,” wrote the 51-year-old.

Conflicting Agendas

Tsipras alleges that Varoufakis had a personal motives that involved advancing Varoufakis's books as well as experimenting with his theories on Greece rather than truly fighting for its financial survival.

Tsipras wrote how those talks to prevent insolvency were “not only a way to secure a better deal for the country. They became an experiment, an historic chance to demonstrate the truth of Varoufakis's economic theories.”

Critical Negotiations

Amid volatile discussions, the country found itself perilously close to leaving the eurozone.

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

Unsuccessful Alternatives

Efforts to find funds from other sources, including a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.

Helping the indebted country would be tantamount to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.

Public Vote and U-Turn

In July 2015, those harsh bailout terms were subjected to a popular referendum, an action which plunged the EU into a deeper existential crisis.

Although the referendum was won decisively by those who opposed the cuts, the prime minister was forced to reject its outcome then agree to a bailout package from creditors which turned out to be tougher.

Final Straw

Tsipras claimed that he began to doubt his finance minister relatively soon.

“He was the public image of negotiation, the figure who attracted publicity, who appeared on the covers of publications the world over … he gave the impression he was enjoying his new role.”

After the minister proposed a contingency plan involving establishing a secondary currency and issuing vouchers to retirees, the leader said he realised it was the end and asked him: “Can you be serious?”

Lasting Criticism

Within the memoir, Tsipras concludes that his former ally had proved himself “unsuitable for an agreement that required complex and delicate management.”

He also wrote how Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, while helped hardliners that were pushing for Grexit.

This account of events has been met with anger along with shock among certain groups, while the former minister has so far kept a conspicuous quiet on the matter.