🔗 Share this article

Within his recently unveiled memoir, called Ithaki, the former premier Tsipras does not hold back as he reflects on the turbulent era of Greece's economic turmoil.

A Controversial Choice

As per Tsipras's account, he selected that maverick academic Yanis Varoufakis to be his treasury head mainly because of the latter's global profile and his very persuasive abilities as a speaker.

“In reality, he was, actually, more like a celebrity and less of an economist,” recalled the 51-year-old.

Conflicting Priorities

The former leader suggests how Varoufakis had a personal agenda which included advancing his publications as well as testing out his game theories using the nation instead of genuinely fighting for the country's financial survival.

He noted that those negotiations to prevent bankruptcy became “not only a method to secure improved terms for Greece. They became a test, a monumental chance to prove the truth of his economic theories.”

Critical Negotiations

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

On the line lay both the country's future but also the punishing austerity policies demanded in exchange for rescue loans from international creditors.

Unsuccessful Alternatives

Efforts to secure funds from other sources, such as a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.

Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.

Public Vote and Reversal

In July 2015, the harsh bailout terms were subjected to a popular referendum, a move that plunged Europe into a further existential crisis.

Even though the vote was carried decisively by voters against austerity, Tsipras had little option to ignore the result then negotiate a rescue deal from creditors that turned out to be tougher.

Breaking Point

Tsipras revealed that he started questioning Varoufakis relatively soon.

“He was the public image of the talks, the figure who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”

After the minister proposed a contingency plan involving creating a parallel currency and distributing vouchers to retirees, Tsipras knew that it was the end questioning him: “Is this for real?”

Enduring Criticism

In the book, Tsipras asserts how his former ally had proved himself “unsuitable for a deal demanding complex and delicate management.”

Tsipras further claimed that Varoufakis's aggressive style made him more and more alone among peers, put Greece at risk, while assisted hardliners that were advocating a Greek exit from the euro.

The account of history has provoked anger along with stunned disbelief among certain groups, while Varoufakis has so far maintained a conspicuous quiet on the matter.