🔗 Share this article

Within his recently unveiled memoir, titled Ithaki, the former leader Tsipras pulls no punches while he reflects on the chaotic period of Greece's financial crisis.

A Controversial Choice

In Tsipras's account, he chose that unorthodox economist Varoufakis as his treasury head largely because of the latter's worldwide fame along with his very persuasive abilities when it came to communicator.

“He was, truthfully, more like a star rather than an economist,” stated Tsipras.

Conflicting Priorities

The former leader alleges that Varoufakis possessed his own motives which involved promoting his books and experimenting with his own economic models on Greece rather than truly advocating the country's economic stability.

Tsipras noted that the negotiations to avoid bankruptcy became “not just a method to secure improved terms for the country. They became a test, an historic chance to demonstrate the validity of his ideas.”

Critical Talks

During rollercoaster discussions, Greece found itself dangerously on the brink of leaving the single currency area.

On the line was both the country's future but also those punishing austerity measures required in exchange for financial aid from foreign lenders.

Unsuccessful Alternatives

Attempts to secure financing from other sources, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.

Helping Greece would be equivalent to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.

Public Vote and U-Turn

That summer, those excoriating bailout terms were subjected to a public vote, a move which threw Europe into a deeper crisis of identity.

Although the referendum was won resoundingly by those who opposed austerity, the prime minister was forced to reject its outcome then negotiate a rescue deal with creditors which proved to be tougher.

Breaking Point

Tsipras revealed how he began to doubt his finance minister quite early on.

“He was the public image of the talks, the figure who drew media attention, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”

After the minister proposed a backup strategy that included creating a parallel currency as well as distributing vouchers to pensioners, the leader knew it was game over questioning Varoufakis: “Can you be serious?”

Enduring Criticism

Within the memoir, Tsipras concludes how his former ally demonstrated himself “unsuitable for a deal that required intricate and sensitive management.”

He further claimed that his aggressive style left him increasingly isolated among peers, put Greece at risk, and helped hardliners who were pushing for Grexit.

This retelling of events has provoked anger and shock among certain groups, while Varoufakis has so far kept a deafening silence regarding these claims.