🔗 Share this article

Within his freshly published autobiography, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he examines that turbulent period during Greece's economic turmoil.

A Controversial Appointment

According to Tsipras's recollections, he selected that maverick academic Varoufakis as his treasury head mainly due to the latter's international reputation along with Varoufakis's very persuasive abilities as a speaker.

“He was, in reality, more of a personality rather than an economist,” recalled the 51-year-old.

Conflicting Priorities

Tsipras claims how his finance chief possessed a personal agenda that involved promoting Varoufakis's books as well as experimenting with his own economic models on Greece rather than genuinely fighting for the country's economic stability.

Tsipras wrote how those talks to avoid insolvency were “not just a way of achieving a better deal for the country. They became a test, an historic chance to demonstrate the truth of Varoufakis's theories.”

High-Stakes Negotiations

During rollercoaster negotiations, Greece found itself dangerously on the brink of exiting the single currency area.

At stake lay not only the country's destiny and the punishing cutbacks demanded in return for rescue loans by international creditors.

Unsuccessful Options

Attempts to find funds from other sources, such as an urgent plea to the Kremlin to buy Greek government bonds, went unanswered.

Assisting Greece would be equivalent to tossing cash into the garbage, Putin reportedly informed his Greek counterpart during their meeting.

Public Vote and U-Turn

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

Even though the referendum was carried resoundingly by those against the cuts, the prime minister was forced but to ignore the result and negotiate a bailout package with creditors that turned out to be even harsher.

Final Straw

Tsipras claimed how he started questioning Varoufakis relatively soon.

“Varoufakis was the face of the talks, the figure who drew publicity, who graced the covers of publications globally … it seemed he relished the spotlight.”

When Varoufakis proposed a contingency plan that included creating a parallel currency and issuing coupons to retirees, the leader knew that it was game over and asked Varoufakis: “Can you be serious?”

Lasting Criticism

In the book, Tsipras concludes that Varoufakis demonstrated himself “unsuitable for a deal that required intricate and delicate handling.”

Tsipras further claimed how his aggressive style left him more and more alone with colleagues, put Greece at risk, while helped hardliners who were advocating Grexit.

The account of events has been met with fury and stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.