🔗 Share this article

In a newly released personal account, named Ithaki, the ex- premier Tsipras does not hold back while he examines that chaotic era of Greece's financial crisis.

A Controversial Appointment

According to Tsipras's version, he appointed the unorthodox academic Yanis Varoufakis as his finance minister largely because of his international reputation and his very persuasive abilities when it came to public orator.

“In reality, he was, in reality, more of a celebrity and less of an economist,” recalled Tsipras.

Clashing Agendas

The former leader claims that Varoufakis had his own agenda that included promoting his books as well as experimenting with his own game theories on the nation instead of genuinely fighting for its financial survival.

Tsipras explained that the negotiations to stave off insolvency were “not just a way to secure a better deal for Greece. They were a test, an historic chance to prove the truth of his ideas.”

Critical Negotiations

Amid tense negotiations, Greece found itself perilously on the brink of exiting the single currency area.

At stake lay not only the country's future and the severe austerity policies required in return for financial aid by foreign lenders.

Failed Options

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

Assisting Greece would be tantamount to throwing money in the trash-can, Putin reportedly informed Tsipras in Moscow.

Referendum and U-Turn

In July 2015, the punitive conditions were put to a popular referendum, a move that plunged the EU into a further existential crisis.

Even though the vote was won decisively by voters against austerity, Tsipras had little option but to ignore the result and negotiate a rescue deal with foreign lenders which proved to be even harsher.

Breaking Point

The ex-PM revealed that he began to doubt his finance minister quite early on.

“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the front pages of publications globally … he gave the impression he was enjoying the spotlight.”

When Varoufakis proposed a contingency plan involving creating a parallel currency as well as distributing vouchers to pensioners, the leader said he realised it was the end questioning him: “Can you be serious?”

Lasting Rebuke

Within the memoir, the author asserts how his former ally demonstrated himself to be “unfit for a deal demanding complex and delicate handling.”

Tsipras also wrote how Varoufakis's aggressive approach left him more and more alone among peers, endangered the country, and assisted hardliners who were advocating a Greek exit from the euro.

The account of events has been met with anger along with shock in some quarters, whereas the former minister has so far maintained a deafening silence on the matter.