🔗 Share this article

In a freshly published autobiography, named Ithaki, the ex- premier Alexis Tsipras spares no criticism while he revisits that turbulent era during Greece's debt drama.

A Controversial Choice

According to Tsipras's recollections, he appointed that unorthodox economist Varoufakis to be his finance minister mainly due to the latter's international reputation and Varoufakis's highly compelling skills as a speaker.

“In reality, he was, in reality, more of a personality rather than an economist,” wrote Tsipras.

Conflicting Priorities

Tsipras claims that Varoufakis had his own agenda that included advancing Varoufakis's books as well as experimenting with his game theories using the nation rather than truly fighting for its financial survival.

Tsipras explained that those negotiations to stave off bankruptcy became “not only a way of achieving a better deal for the country. They became an experiment, an historic chance to prove the truth of his ideas.”

High-Stakes Negotiations

Amid volatile discussions, Greece found itself perilously close to leaving the eurozone.

On the line was both the country's future and those harsh austerity policies required in exchange for bailout funds by foreign lenders.

Failed Options

Attempts to secure financing elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.

Helping Greece would be equivalent to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.

Public Vote and U-Turn

In July 2015, those harsh bailout terms were subjected to a public vote, an action that threw the EU into a further existential crisis.

Even though the vote was won resoundingly by those who opposed austerity, the prime minister had little option to ignore the result and agree to a bailout package from foreign lenders that turned out to be more severe.

Breaking Point

The ex-PM revealed how he began to doubt his finance minister relatively soon.

“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the covers of magazines the world over … it seemed he was enjoying the spotlight.”

When the minister outlined a backup strategy involving establishing a parallel currency as well as distributing vouchers to pensioners, Tsipras said he realised it was game over and asked him: “Can you be serious?”

Enduring Criticism

Within the memoir, Tsipras concludes that his former ally had proved himself “unsuitable for an agreement demanding complex and sensitive management.”

Tsipras also claimed that Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, while helped hardliners that were advocating Grexit.

This account of history has provoked fury and shock among certain groups, whereas the former minister has maintained a deafening silence regarding these claims.