🔗 Share this article

In a newly released autobiography, titled Ithaki, the former premier Alexis Tsipras pulls no punches while he reflects on that turbulent era during Greece's economic turmoil.

A Controversial Appointment

According to the ex-PM's account, he appointed that maverick academic Yanis Varoufakis as the treasury head largely due to the latter's global profile and Varoufakis's highly compelling abilities when it came to communicator.

“In reality, he was, truthfully, more like a personality rather than an economist,” stated Tsipras.

Clashing Agendas

Tsipras suggests how his finance chief possessed a personal agenda which involved advancing his publications as well as experimenting with his own economic models using Greece rather than truly advocating the country's economic stability.

Tsipras noted how those talks to stave off bankruptcy became “not just a way of achieving a better deal for the country. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's theories.”

Critical Negotiations

Amid tense negotiations, Greece came dangerously on the brink of leaving the single currency area.

At stake was not only Greece's destiny and those harsh austerity measures demanded in return for financial aid by foreign lenders.

Failed Options

Attempts to secure financing elsewhere, including a desperate appeal to Russia to buy Greek government bonds, were rejected.

Helping Greece was tantamount to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.

Public Vote Followed by U-Turn

In July 2015, those punitive conditions were subjected to a public vote, a move that plunged the EU into a further existential crisis.

Although the referendum was won decisively by voters against the cuts, Tsipras was forced to reject its outcome and negotiate a rescue deal with foreign lenders which turned out to be tougher.

Final Straw

Tsipras claimed how he began to doubt Varoufakis relatively soon.

“He was the public image of negotiation, the man who attracted media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying his new role.”

After the minister outlined a contingency plan that included establishing a secondary currency as well as distributing coupons to retirees, the leader said he realised that it was the end and asked him: “Is this for real?”

Lasting Criticism

Within the book, the author concludes that his former ally had proved himself “unfit for a deal that required intricate and sensitive handling.”

Tsipras further claimed that Varoufakis's aggressive approach made him more and more alone with colleagues, endangered the country, while helped hawks who were pushing for Grexit.

This retelling of history has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.