🔗 Share this article

Within his recently unveiled personal account, named Ithaki, the former premier Alexis Tsipras spares no criticism as he revisits the chaotic period during Greece's economic turmoil.

An Unconventional Choice

According to the ex-PM's account, he selected the unorthodox economist Yanis Varoufakis to be his finance minister mainly because of the latter's global profile and Varoufakis's very persuasive skills as a public orator.

“In reality, he was, truthfully, more of a celebrity and less of an economist,” wrote Tsipras.

Conflicting Priorities

Tsipras alleges how his finance chief had a personal agenda that included advancing Varoufakis's publications and testing out his economic models on the nation instead of genuinely advocating the country's economic stability.

He noted that the talks to prevent bankruptcy were “not just a way to secure improved terms for the country. They were an experiment, a monumental opportunity to prove the validity of his economic theories.”

Critical Talks

Amid tense negotiations, Greece found itself dangerously close to exiting the single currency area.

On the line was not only the country's destiny but also those punishing cutbacks required in return for rescue loans from foreign lenders.

Failed Options

Attempts to secure financing from other sources, such as an urgent plea to the Kremlin to purchase Greek bonds, went unanswered.

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

Referendum and Reversal

That summer, the excoriating conditions were put to a public vote, an action which threw Europe into further crisis of identity.

Even though the vote was won resoundingly by those against austerity, Tsipras was forced to ignore the result and agree to a bailout package with creditors which proved to be even harsher.

Breaking Point

Tsipras revealed how he started questioning Varoufakis relatively soon.

“He was the face of negotiation, the man who drew publicity, who appeared on the front pages of publications globally … he gave the impression he was enjoying his new role.”

After Varoufakis proposed a contingency plan that included creating a secondary currency as well as distributing coupons to pensioners, Tsipras said he realised it was the end questioning Varoufakis: “Is this for real?”

Enduring Criticism

Within the book, the author concludes that his former ally had proved himself to be “unfit for a deal demanding intricate and delicate management.”

He also claimed how Varoufakis's confrontational style left him increasingly isolated with colleagues, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.

This retelling of events has provoked anger and stunned disbelief in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.