🔗 Share this article

Within his newly released personal account, titled Ithaki, the ex- leader Tsipras pulls no punches while he examines that chaotic period of Greece's economic turmoil.

An Unconventional Choice

According to Tsipras's recollections, he chose the unorthodox economist Yanis Varoufakis as the finance minister largely due to the latter's international reputation along with his very persuasive skills as a communicator.

“In reality, he was, in reality, more like a star and less of an economic expert,” wrote Tsipras.

Conflicting Priorities

Tsipras claims that his finance chief had a personal agenda that involved advancing Varoufakis's publications and experimenting with his own theories on the nation instead of genuinely advocating the country's economic stability.

Tsipras explained that the negotiations to avoid insolvency became “not just a way to secure a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”

Critical Negotiations

During volatile negotiations, the country found itself perilously on the brink of leaving the eurozone.

At stake was not only Greece's destiny and those harsh cutbacks demanded in exchange for rescue loans from foreign lenders.

Unsuccessful Alternatives

Attempts to secure financing from other sources, such as an urgent plea to Russia to buy Greek government bonds, were rejected.

Helping Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.

Referendum and Reversal

That summer, the harsh bailout terms were subjected to a popular referendum, a move that plunged Europe into a further crisis of identity.

Even though the referendum was won decisively by those against austerity, Tsipras had little option to reject its outcome and negotiate a rescue deal from foreign lenders which turned out to be more severe.

Breaking Point

The ex-PM revealed that he started questioning Varoufakis relatively soon.

“Varoufakis was the public image of negotiation, the figure who drew publicity, who graced the covers of publications the world over … it seemed he relished his new role.”

When Varoufakis outlined a contingency plan that included establishing a secondary currency and issuing vouchers to retirees, the leader said he realised that it was game over questioning Varoufakis: “Is this for real?”

Enduring Criticism

Within the book, Tsipras asserts how Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and sensitive management.”

Tsipras further claimed that Varoufakis's aggressive style made him more and more alone with colleagues, endangered the country, while assisted hardliners that were pushing for Grexit.

The retelling of history has been met with anger along with shock in some quarters, whereas Varoufakis has maintained a conspicuous quiet on the matter.