🔗 Share this article

Within his newly released memoir, called Ithaki, the ex- leader Tsipras does not hold back as he examines that turbulent era of Greece's financial crisis.

A Controversial Choice

In the ex-PM's recollections, he selected that unorthodox economist Varoufakis to be the treasury head primarily because of his global profile and Varoufakis's very persuasive abilities as a public orator.

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

Clashing Agendas

The former leader claims that Varoufakis had his own motives which included advancing his books and testing out his own economic models on the nation rather than genuinely fighting for its financial survival.

Tsipras explained that the talks to prevent insolvency were “not only a way of achieving improved terms for the country. They were a test, a monumental opportunity to prove the validity of Varoufakis's economic theories.”

Critical Negotiations

Amid rollercoaster discussions, Greece found itself perilously close to exiting the eurozone.

On the line was not only Greece's future and those harsh austerity policies demanded in exchange for rescue loans by foreign lenders.

Unsuccessful Alternatives

Attempts to find funds elsewhere, including a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.

Helping Greece was equivalent to throwing money into the garbage, Putin is reputed to have told Tsipras during their meeting.

Public Vote Followed by Reversal

That summer, the punitive conditions were subjected to a public vote, an action which threw Europe into a deeper existential crisis.

Although the referendum was carried decisively by those against the cuts, Tsipras had little option but to reject its outcome and agree to a bailout package with creditors which turned out to be even harsher.

Final Straw

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

“He was the face of the talks, the man who drew publicity, who appeared on the covers of publications the world over … it seemed he relished his new role.”

When the minister proposed a contingency plan that included creating a parallel currency and issuing coupons to pensioners, Tsipras said he realised that it was game over and asked him: “Is this for real?”

Enduring Criticism

In the memoir, the author asserts how Varoufakis demonstrated himself to be “unsuitable for an agreement that required complex and sensitive management.”

Tsipras further claimed how his confrontational approach left him more and more alone among peers, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.

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