🔗 Share this article

In a newly released personal account, named Ithaki, the former prime minister Alexis Tsipras does not hold back as he reflects on that chaotic era during Greece's debt drama.

A Controversial Appointment

In the ex-PM's version, Tsipras appointed that maverick economist Yanis Varoufakis as the finance minister primarily because of his worldwide fame along with his “extremely attractive” abilities as a speaker.

“In reality, he was, actually, more like a celebrity rather than an economic expert,” recalled Tsipras.

Clashing Agendas

The former leader alleges how Varoufakis had a personal motives which involved promoting Varoufakis's books as well as experimenting with his economic models using the nation instead of genuinely advocating its economic stability.

Tsipras noted how the negotiations to stave off insolvency were “not only a method of achieving improved terms for Greece. They were a test, an historic chance to prove the validity of his economic theories.”

High-Stakes Talks

During rollercoaster negotiations, the country found itself dangerously on the brink of leaving the eurozone.

At stake was both the country's destiny but also the severe austerity measures required in exchange for bailout funds by international creditors.

Failed Alternatives

Attempts to find funds from other sources, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.

Assisting the indebted country would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.

Public Vote and Reversal

In July 2015, the excoriating bailout terms were put to a popular referendum, a move which plunged the EU into further crisis of identity.

Even though the vote was won decisively by those who opposed austerity, Tsipras was forced but to ignore the result then negotiate a rescue deal with creditors that proved to be more severe.

Final Straw

The ex-PM revealed how he began to doubt Varoufakis relatively soon.

“Varoufakis was the public image of negotiation, the man who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”

When the minister proposed a backup strategy involving establishing a parallel currency as well as issuing vouchers to retirees, Tsipras said he realised that it was game over and asked Varoufakis: “Is this for real?”

Enduring Criticism

In the memoir, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for a deal that required intricate and delicate handling.”

Tsipras also wrote how Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, and helped hardliners who were pushing for Grexit.

This retelling of history has provoked anger and stunned disbelief among certain groups, whereas the former minister has maintained a deafening silence on the matter.