🔗 Share this article

In a freshly published memoir, called Ithaki, the former leader Alexis Tsipras spares no criticism while he revisits that chaotic era of Greece's financial crisis.

A Controversial Choice

In the ex-PM's account, Tsipras chose that maverick economist Yanis Varoufakis as his finance minister largely due to his international reputation and Varoufakis's highly compelling skills when it came to communicator.

“He was, truthfully, more of a personality rather than an economic expert,” wrote Tsipras.

Clashing Priorities

Tsipras claims that his finance chief had a personal motives which included advancing his books as well as testing out his economic models on Greece instead of genuinely fighting for the country's economic stability.

Tsipras explained how the discussions to prevent bankruptcy became “not only a method to secure a better deal for the country. They were a test, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”

High-Stakes Talks

During volatile discussions, Greece found itself perilously on the brink of exiting the eurozone.

On the line lay not only the country's future and those punishing austerity measures required in exchange for rescue loans from foreign lenders.

Unsuccessful Alternatives

Efforts to secure financing elsewhere, including a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.

Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.

Public Vote Followed by U-Turn

That summer, the excoriating bailout terms were put to a popular referendum, an action that plunged the EU into a further existential crisis.

Even though the referendum was won decisively by those against austerity, Tsipras was forced but to ignore the result then agree to a rescue deal with creditors which proved to be tougher.

Final Straw

The ex-PM revealed how he started questioning Varoufakis quite early on.

“He was the public image of negotiation, the man who attracted publicity, who graced the front pages of magazines the world over … it seemed he relished his new role.”

After Varoufakis proposed a contingency plan that included establishing a secondary currency as well as distributing coupons to pensioners, Tsipras said he realised it was game over and asked Varoufakis: “Is this for real?”

Enduring Criticism

In the memoir, Tsipras asserts how Varoufakis had proved himself “unfit for an agreement that required intricate and delicate management.”

He also wrote how his aggressive style left him more and more alone with colleagues, put Greece at risk, and helped hawks that were advocating Grexit.

This retelling of events has provoked fury along with stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet on the matter.