🔗 Share this article

In a freshly published personal account, called Ithaki, the former prime minister Alexis Tsipras pulls no punches as he revisits the chaotic period of Greece's financial crisis.

An Unconventional Choice

As per Tsipras's account, Tsipras chose that unorthodox academic Varoufakis as his finance minister largely because of the latter's global profile and his highly compelling skills as a public orator.

“He was, truthfully, more of a star and less of an economic expert,” recalled Tsipras.

Conflicting Priorities

The former leader alleges how his finance chief had a personal motives that included promoting Varoufakis's books and experimenting with his own economic models using Greece instead of genuinely advocating its financial survival.

Tsipras wrote how those negotiations to stave off insolvency were “not only a way of achieving improved terms for Greece. They were a test, a monumental chance to demonstrate the truth of Varoufakis's theories.”

Critical Talks

During tense negotiations, Greece came perilously close to exiting the eurozone.

On the line was both the country's future and the punishing cutbacks demanded in return for bailout funds from international creditors.

Failed Options

Efforts to find funds elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, went unanswered.

Helping Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.

Public Vote Followed by U-Turn

In July 2015, the excoriating conditions were subjected to a popular referendum, a move which plunged the EU into a further crisis of identity.

Although the vote was carried resoundingly by voters who opposed austerity, Tsipras was forced to ignore the result then agree to a rescue deal from creditors that turned out to be even harsher.

Final Straw

The ex-PM revealed that he started questioning his finance minister quite early on.

“Varoufakis was the face of the talks, the man who attracted publicity, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”

When Varoufakis outlined a contingency plan involving establishing a parallel currency as well as distributing coupons to pensioners, the leader knew that it was game over questioning him: “Can you be serious?”

Enduring Rebuke

In the book, the author concludes that Varoufakis demonstrated himself “unsuitable for an agreement demanding intricate and sensitive management.”

Tsipras further wrote that his confrontational approach left him more and more alone among peers, endangered the country, while assisted hawks that were pushing for a Greek exit from the euro.

The account of events has provoked fury along with stunned disbelief among certain groups, whereas the former minister has so far maintained a deafening silence on the matter.