🔗 Share this article

In a newly released autobiography, named Ithaki, the former premier Tsipras pulls no punches while he examines the chaotic period of Greece's debt drama.

An Unconventional Appointment

As per Tsipras's recollections, he selected the maverick academic Yanis Varoufakis to be his treasury head mainly because of his worldwide fame and Varoufakis's very persuasive skills as a communicator.

“He was, in reality, more of a star and less of an economic expert,” stated Tsipras.

Clashing Agendas

Tsipras alleges how Varoufakis had his own agenda which involved advancing his publications and experimenting with his theories using Greece instead of genuinely fighting for the country's economic stability.

Tsipras noted how the talks to avoid insolvency became “not just a way of achieving improved terms for Greece. They became a test, an historic opportunity to prove the truth of Varoufakis's economic theories.”

High-Stakes Talks

During rollercoaster discussions, Greece came dangerously close to exiting the eurozone.

At stake lay not only the country's future and the harsh austerity measures required in return for rescue loans by international creditors.

Unsuccessful Alternatives

Attempts to secure funds elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.

Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.

Public Vote Followed by U-Turn

That summer, the excoriating conditions were subjected to a public vote, a move that threw Europe into a further crisis of identity.

Although the vote was carried decisively by voters who opposed the cuts, Tsipras had little option but to reject its outcome and negotiate a bailout package from foreign lenders that turned out to be more severe.

Breaking Point

The ex-PM claimed how he started questioning his finance minister relatively soon.

“Varoufakis was the face of the talks, the man who drew publicity, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”

When Varoufakis proposed a backup strategy involving creating a parallel currency as well as distributing vouchers to retirees, the leader knew that it was the end and asked him: “Can you be serious?”

Lasting Criticism

Within the memoir, the author asserts that Varoufakis demonstrated himself “unsuitable for an agreement demanding complex and sensitive management.”

He also claimed how Varoufakis's confrontational style made him more and more alone with colleagues, endangered the country, and assisted hawks that were pushing for Grexit.

The account of history has provoked anger and shock in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.