🔗 Share this article

In a newly released autobiography, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism as he revisits the turbulent period during Greece's financial crisis.

An Unconventional Choice

In Tsipras's account, he appointed that unorthodox economist Varoufakis as the finance minister mainly because of the latter's worldwide fame and his highly compelling skills when it came to speaker.

“He was, actually, more like a personality and less of an economic expert,” wrote Tsipras.

Conflicting Agendas

Tsipras claims that Varoufakis possessed his own agenda which involved advancing his publications and testing out his economic models using Greece rather than genuinely fighting for the country's financial survival.

Tsipras explained that those talks to avoid insolvency were “not just a way to secure improved terms for the country. They were an experiment, an historic chance to prove the validity of his theories.”

High-Stakes Negotiations

During volatile discussions, the country came dangerously close to exiting the single currency area.

On the line lay both Greece's destiny but also those harsh austerity policies demanded in exchange for bailout funds by international creditors.

Unsuccessful Alternatives

Efforts to find funds from other sources, including a desperate appeal to the Kremlin to purchase Greek government bonds, were rejected.

Helping Greece would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.

Referendum Followed by U-Turn

In July 2015, the punitive conditions were subjected to a public vote, an action that threw the EU into deeper existential crisis.

Even though the vote was won decisively by those against the cuts, Tsipras had little option to ignore the result then negotiate a rescue deal with creditors which proved to be tougher.

Breaking Point

Tsipras revealed how he began to doubt his finance minister relatively soon.

“He was the public image of the talks, the figure who attracted media attention, who graced the front pages of publications globally … he gave the impression he was enjoying his new role.”

After the minister outlined a contingency plan that included creating a secondary currency and distributing vouchers to retirees, Tsipras knew it was game over questioning him: “Are you serious?”

Enduring Criticism

In the memoir, Tsipras concludes how Varoufakis had proved himself to be “unsuitable for an agreement that required complex and delicate handling.”

Tsipras further wrote that Varoufakis's aggressive style left him increasingly isolated with colleagues, endangered the country, while assisted hardliners who were pushing for a Greek exit from the euro.

The account of history has been met with fury along with stunned disbelief among certain groups, while the former minister has so far kept a deafening silence on the matter.