🔗 Share this article

Within his newly released memoir, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches while he reflects on that turbulent period of Greece's economic turmoil.

A Controversial Appointment

As per the ex-PM's version, Tsipras chose that maverick academic Varoufakis to be the treasury head largely because of his global profile and Varoufakis's very persuasive abilities as a speaker.

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

Clashing Agendas

The former leader claims that Varoufakis possessed his own agenda that included promoting Varoufakis's publications as well as experimenting with his own theories using the nation rather than genuinely advocating the country's financial survival.

He noted that those negotiations to stave off bankruptcy became “not only a way of achieving improved terms for Greece. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's economic theories.”

High-Stakes Talks

Amid volatile negotiations, Greece came dangerously on the brink of leaving the single currency area.

At stake was not only the country's future and those punishing austerity policies demanded in exchange for bailout funds from international creditors.

Unsuccessful Alternatives

Efforts to secure financing from other sources, such as a desperate plea to the Kremlin to buy Greek government bonds, were rejected.

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

Public Vote and Reversal

That summer, the excoriating conditions were subjected to a public vote, an action which plunged the EU into a further existential crisis.

Although the vote was carried decisively by voters against austerity, Tsipras had little option but to ignore the result then agree to a bailout package from creditors which turned out to be even harsher.

Breaking Point

The ex-PM revealed how he began to doubt Varoufakis relatively soon.

“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the covers of publications the world over … it seemed he relished the spotlight.”

After Varoufakis proposed a backup strategy involving establishing a secondary currency and issuing coupons to pensioners, the leader said he realised it was the end questioning him: “Can you be serious?”

Lasting Criticism

Within the book, Tsipras asserts how Varoufakis had proved himself to be “unfit for an agreement demanding complex and delicate management.”

Tsipras also wrote that Varoufakis's aggressive approach made him more and more alone with colleagues, endangered the country, and assisted hardliners who were pushing for Grexit.

This retelling of events has been met with fury and stunned disbelief among certain groups, while Varoufakis has kept a deafening silence on the matter.