🔗 Share this article

In a freshly published memoir, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he revisits that chaotic era during Greece's economic turmoil.

A Controversial Choice

As per the ex-PM's account, he chose the maverick economist Yanis Varoufakis to be his finance minister largely because of the latter's worldwide fame along with his highly compelling abilities as a public orator.

“In reality, he was, in reality, more like a celebrity rather than an economic expert,” stated the 51-year-old.

Conflicting Agendas

Tsipras suggests how Varoufakis possessed a personal agenda which involved promoting Varoufakis's books as well as experimenting with his game theories using Greece instead of truly fighting for the country's economic stability.

Tsipras noted how those discussions to stave off insolvency became “not only a method to secure improved terms for the country. They were an experiment, an historic opportunity to demonstrate the truth of Varoufakis's theories.”

Critical Talks

During volatile negotiations, the country came dangerously on the brink of exiting the eurozone.

At stake was both the country's destiny and those harsh austerity policies demanded in return for bailout funds by foreign lenders.

Unsuccessful Alternatives

Attempts to find funds elsewhere, such as a desperate appeal to Russia to buy Greek bonds, went unanswered.

Assisting the indebted country was equivalent to throwing money in the trash-can, Putin reportedly told his Greek counterpart in Moscow.

Public Vote and Reversal

That summer, those harsh conditions were put to a public vote, a move which plunged the EU into further existential crisis.

Although the vote was won resoundingly by voters who opposed the cuts, Tsipras was forced but to reject its outcome then agree to a rescue deal with creditors that turned out to be tougher.

Breaking Point

The ex-PM claimed how he began to doubt Varoufakis quite early on.

“He was the face of the talks, the man who drew publicity, who appeared on the front pages of magazines globally … it seemed he was enjoying the spotlight.”

When Varoufakis outlined a backup strategy that included establishing a secondary currency and distributing vouchers to retirees, Tsipras knew that it was game over and asked him: “Are you serious?”

Enduring Rebuke

Within the memoir, Tsipras concludes how Varoufakis demonstrated himself “unfit for a deal that required intricate and sensitive management.”

He also wrote how his confrontational style left him increasingly isolated among peers, put Greece at risk, while helped hawks that were advocating a Greek exit from the euro.

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