🔗 Share this article

Within his recently unveiled memoir, called Ithaki, the ex- leader Tsipras does not hold back as he revisits the turbulent era during Greece's economic turmoil.

An Unconventional Appointment

In Tsipras's recollections, Tsipras chose that unorthodox academic Yanis Varoufakis to be his finance minister primarily because of the latter's global profile along with Varoufakis's highly compelling abilities as a communicator.

“In reality, he was, in reality, more like a personality and less of an economist,” stated Tsipras.

Conflicting Agendas

Tsipras claims how his finance chief had his own motives which included advancing Varoufakis's publications as well as experimenting with his own economic models on Greece instead of genuinely fighting for the country's economic stability.

He wrote how those discussions to avoid bankruptcy were “not only a method of achieving improved terms for the country. They became a test, an historic opportunity to demonstrate the truth of his economic theories.”

Critical Negotiations

Amid tense discussions, Greece found itself dangerously close to exiting the single currency area.

At stake was not only the country's future and the harsh austerity measures demanded in return for rescue loans by foreign lenders.

Unsuccessful Alternatives

Attempts to secure financing elsewhere, including an urgent plea to Russia to purchase Greek government bonds, were rejected.

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

Public Vote Followed by Reversal

That summer, those punitive conditions were subjected to a popular referendum, a move that plunged the EU into deeper existential crisis.

Although the referendum was carried resoundingly by voters against austerity, Tsipras was forced to ignore the result then agree to a bailout package with creditors that proved to be tougher.

Final Straw

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

“He was the face of the talks, the man who drew publicity, who appeared on the covers of publications the world over … he gave the impression he was enjoying the spotlight.”

After the minister outlined a contingency plan involving establishing a secondary currency as well as issuing coupons to retirees, Tsipras knew it was game over questioning him: “Is this for real?”

Enduring Rebuke

Within the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for a deal demanding intricate and delicate management.”

Tsipras also wrote that his aggressive style made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were pushing for Grexit.

The retelling of history has been met with fury along with stunned disbelief among certain groups, while Varoufakis has so far kept a deafening silence on the matter.