🔗 Share this article

Within his recently unveiled autobiography, titled Ithaki, the former premier Alexis Tsipras pulls no punches as he examines that turbulent period of Greece's financial crisis.

A Controversial Appointment

As per the ex-PM's recollections, Tsipras appointed the maverick economist Yanis Varoufakis to be the treasury head primarily due to the latter's international reputation and his “extremely attractive” abilities as a communicator.

“In reality, he was, truthfully, more like a personality and less of an economic expert,” stated Tsipras.

Clashing Priorities

Tsipras claims that Varoufakis possessed a personal motives that involved promoting his books as well as experimenting with his own theories on the nation instead of truly fighting for the country's financial survival.

He wrote how those talks to avoid insolvency became “not just a way to secure improved terms for the country. They became a test, a monumental chance to demonstrate the validity of his theories.”

Critical Negotiations

During rollercoaster negotiations, Greece found itself dangerously on the brink of exiting the single currency area.

At stake was not only Greece's destiny but also the punishing cutbacks required in exchange for bailout funds from international creditors.

Unsuccessful Options

Efforts to secure funds from other sources, including an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.

Assisting the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.

Referendum Followed by U-Turn

In July 2015, those harsh bailout terms were put to a popular referendum, a move that threw Europe into further crisis of identity.

Even though the referendum was carried decisively by those who opposed austerity, Tsipras was forced to ignore the result and negotiate a rescue deal with creditors that turned out to be more severe.

Breaking Point

Tsipras revealed how he started questioning his finance minister relatively soon.

“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he was enjoying his new role.”

When Varoufakis outlined a contingency plan that included creating a parallel currency as well as distributing coupons to retirees, Tsipras knew it was game over and asked him: “Can you be serious?”

Lasting Rebuke

Within the memoir, Tsipras concludes that Varoufakis had proved himself “unfit for a deal demanding intricate and delicate handling.”

He also wrote how his confrontational style left him more and more alone with colleagues, put Greece at risk, while assisted hawks that were advocating Grexit.

The retelling of history has provoked anger along with stunned disbelief in some quarters, whereas the former minister has kept a deafening silence on the matter.