🔗 Share this article

Within his freshly published autobiography, called Ithaki, the former premier Alexis Tsipras spares no criticism while he reflects on the turbulent period of Greece's financial crisis.

An Unconventional Appointment

As per the ex-PM's account, he appointed that maverick economist Varoufakis to be the treasury head largely because of the latter's worldwide fame along with his highly compelling abilities when it came to public orator.

“In reality, he was, truthfully, more like a personality and less of an economist,” stated Tsipras.

Conflicting Agendas

Tsipras suggests that his finance chief possessed his own motives which included advancing Varoufakis's publications as well as experimenting with his economic models using the nation instead of truly advocating its economic stability.

He explained how the discussions to stave off bankruptcy were “not just a method to secure a better deal for Greece. They became a test, a monumental chance to prove the validity of Varoufakis's ideas.”

High-Stakes Talks

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

On the line was both the country's destiny and those severe austerity measures required in return for rescue loans from international creditors.

Unsuccessful Options

Efforts to find funds elsewhere, such as an urgent plea to the Kremlin to buy Greek bonds, were rejected.

Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.

Public Vote and U-Turn

That summer, those excoriating bailout terms were put to a popular referendum, an action which threw Europe into further existential crisis.

Even though the vote was won decisively by those against austerity, the prime minister had little option but to reject its outcome and agree to a rescue deal with creditors which turned out to be even harsher.

Final Straw

The ex-PM claimed that he started questioning his finance minister quite early on.

“Varoufakis was the public image of negotiation, the man who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he relished the spotlight.”

When the minister outlined a contingency plan involving establishing a secondary currency as well as distributing vouchers to retirees, the leader knew it was the end questioning Varoufakis: “Is this for real?”

Lasting Rebuke

Within the memoir, the author concludes how his former ally demonstrated himself to be “unfit for an agreement that required intricate and sensitive handling.”

Tsipras also claimed that Varoufakis's confrontational style left him more and more alone with colleagues, endangered the country, while helped hardliners that were pushing for Grexit.

The account of events has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.