🔗 Share this article

In a freshly published memoir, named Ithaki, the former premier Alexis Tsipras pulls no punches as he reflects on that turbulent period during Greece's financial crisis.

An Unconventional Appointment

As per the ex-PM's version, he chose that unorthodox economist Yanis Varoufakis to be his finance minister mainly because of his global profile and his very persuasive skills when it came to speaker.

“He was, actually, more like a star and less of an economic expert,” recalled the 51-year-old.

Clashing Priorities

The former leader suggests how Varoufakis had his own motives which involved promoting his publications and experimenting with his own theories on Greece instead of genuinely fighting for the country's economic stability.

Tsipras explained that those talks to avoid insolvency became “not only a method of achieving a better deal for the country. They became a test, a monumental opportunity to prove the truth of his economic theories.”

Critical Talks

Amid rollercoaster discussions, Greece found itself dangerously close to leaving the single currency area.

At stake was both Greece's destiny but also the punishing austerity policies demanded in return for financial aid from foreign lenders.

Failed Alternatives

Efforts to find financing from other sources, including a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.

Helping Greece would be equivalent to throwing money into the garbage, Putin is reputed to have informed Tsipras during their meeting.

Public Vote Followed by U-Turn

That summer, those punitive conditions were subjected to a public vote, a move that threw the EU into a deeper existential crisis.

Even though the referendum was carried resoundingly by those against austerity, Tsipras had little option to ignore the result then agree to a bailout package with creditors which proved to be even harsher.

Final Straw

Tsipras revealed that he began to doubt Varoufakis quite early on.

“He was the public image of the talks, the man who drew publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying his new role.”

When Varoufakis proposed a contingency plan involving creating a secondary currency and issuing vouchers to pensioners, the leader knew that it was game over and asked Varoufakis: “Is this for real?”

Lasting Criticism

In the memoir, the author asserts how his former ally demonstrated himself to be “unsuitable for an agreement demanding complex and delicate management.”

Tsipras further claimed that his confrontational style made him more and more alone among peers, put Greece at risk, and helped 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.