🔗 Share this article

Within his recently unveiled memoir, named Ithaki, the former premier Alexis Tsipras spares no criticism as he revisits that chaotic era of Greece's financial crisis.

An Unconventional Choice

According to Tsipras's recollections, he appointed that maverick economist Varoufakis to be the treasury head primarily because of his worldwide fame and his “extremely attractive” abilities when it came to speaker.

“In reality, he was, actually, more of a star rather than an economist,” stated Tsipras.

Conflicting Agendas

The former leader alleges that his finance chief possessed a personal agenda that included advancing his books as well as experimenting with his theories on Greece rather than genuinely advocating its economic stability.

He noted that those talks to avoid bankruptcy were “not just a way of achieving improved terms for the country. They became a test, a monumental chance to prove the truth of Varoufakis's ideas.”

High-Stakes Negotiations

Amid volatile negotiations, the country found itself perilously on the brink of exiting the single currency area.

At stake was not only the country's destiny but also those punishing cutbacks demanded in return for bailout funds by foreign lenders.

Unsuccessful Options

Attempts to secure financing elsewhere, including a desperate plea to Russia to buy Greek bonds, fell on stony ground.

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

Public Vote Followed by Reversal

In July 2015, the excoriating conditions were put to a public vote, a move which plunged the EU into deeper crisis of identity.

Even though the referendum was carried decisively by those who opposed the cuts, Tsipras was forced but to reject its outcome then negotiate a rescue deal with foreign lenders which proved to be more severe.

Breaking Point

Tsipras claimed how he started questioning Varoufakis relatively soon.

“Varoufakis was the face of negotiation, the man who drew publicity, who appeared on the covers of publications the world over … he gave the impression he was enjoying his new role.”

After the minister proposed a backup strategy involving creating a secondary currency and distributing coupons to pensioners, the leader knew it was game over and asked Varoufakis: “Are you serious?”

Enduring Criticism

In the book, the author concludes that his former ally demonstrated himself to be “unfit for a deal that required complex and delicate handling.”

He also wrote how Varoufakis's aggressive style made him increasingly isolated among peers, endangered the country, and helped hawks that were advocating a Greek exit from the euro.

The retelling of history has been met with anger along with shock in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.