🔗 Share this article

In a recently unveiled personal account, called Ithaki, the former premier Alexis Tsipras spares no criticism while he reflects on the turbulent period during Greece's economic turmoil.

A Controversial Choice

According to the ex-PM's recollections, he chose the unorthodox academic Varoufakis to be the finance minister mainly due to his worldwide fame and his “extremely attractive” skills as a communicator.

“In reality, he was, truthfully, more of a star rather than an economic expert,” recalled Tsipras.

Conflicting Agendas

Tsipras alleges how Varoufakis had his own motives that involved advancing Varoufakis's publications as well as testing out his own economic models on the nation instead of truly advocating its economic stability.

He noted how the negotiations to stave off bankruptcy became “not just a way to secure improved terms for the country. They became an experiment, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”

Critical Negotiations

During volatile negotiations, Greece found itself dangerously on the brink of leaving the single currency area.

At stake was not only the country's future and the harsh austerity measures required in return for rescue loans from international creditors.

Unsuccessful Alternatives

Attempts to secure financing elsewhere, including an urgent appeal to the Kremlin to purchase Greek bonds, were rejected.

Helping Greece was equivalent to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.

Public Vote and Reversal

That summer, the punitive conditions were put to a popular referendum, a move which threw the EU into a further crisis of identity.

Although the referendum was won resoundingly by those against austerity, Tsipras had little option but to ignore the result and agree to a bailout package from foreign lenders which proved to be tougher.

Final Straw

Tsipras revealed how he started questioning Varoufakis quite early on.

“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the front pages of magazines the world over … it seemed he relished the spotlight.”

After the minister proposed a contingency plan involving creating a secondary currency and issuing vouchers to pensioners, the leader knew that it was game over and asked him: “Can you be serious?”

Enduring Rebuke

In the memoir, the author asserts that Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and delicate management.”

He also claimed how his aggressive style made him increasingly isolated with colleagues, put Greece at risk, and helped hardliners who were advocating Grexit.

The retelling of events has provoked fury along with stunned disbelief in some quarters, whereas the former minister has maintained a deafening silence regarding these claims.