🔗 Share this article

Within his recently unveiled memoir, called Ithaki, the former leader Tsipras pulls no punches while he revisits that chaotic period of Greece's debt drama.

A Controversial Choice

As per Tsipras's recollections, Tsipras appointed the maverick economist Varoufakis to be the treasury head primarily due to his international reputation along with his very persuasive skills when it came to public orator.

“In reality, he was, truthfully, more like a celebrity and less of an economist,” wrote the 51-year-old.

Conflicting Priorities

The former leader claims that Varoufakis had his own motives that included promoting Varoufakis's books and experimenting with his own game theories on the nation instead of truly advocating its financial survival.

Tsipras explained how those discussions to avoid bankruptcy became “not only a way of achieving a better deal for the country. They were an experiment, an historic opportunity to prove the validity of his theories.”

Critical Talks

During tense negotiations, Greece found itself perilously on the brink of exiting the single currency area.

At stake lay not only the country's destiny but also the severe austerity measures demanded in return for financial aid from foreign lenders.

Unsuccessful Options

Attempts to find financing elsewhere, including a desperate appeal to Russia to purchase Greek bonds, were rejected.

Helping the indebted country was equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart in Moscow.

Public Vote and Reversal

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

Even though the vote was carried decisively by those against austerity, the prime minister had little option to reject its outcome and agree to a bailout package from foreign lenders which turned out to be tougher.

Final Straw

Tsipras revealed that he started questioning his finance minister quite early on.

“He was the public image of negotiation, the man who attracted media attention, who appeared on the front pages of publications globally … it seemed he relished the spotlight.”

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

Lasting Rebuke

Within the book, Tsipras concludes how his former ally demonstrated himself “unfit for an agreement that required intricate and delicate handling.”

He also claimed how Varoufakis's confrontational approach made him more and more alone with colleagues, endangered the country, while assisted hardliners who were pushing for Grexit.

This account of events has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has kept a deafening silence regarding these claims.