🔗 Share this article

Within his newly released memoir, titled Ithaki, the former leader Tsipras does not hold back as he examines that chaotic era during Greece's debt drama.

An Unconventional Appointment

In Tsipras's version, he chose that maverick economist Yanis Varoufakis to be his treasury head largely because of the latter's worldwide fame and his very persuasive skills when it came to speaker.

“He was, in reality, more of a star rather than an economic expert,” wrote Tsipras.

Clashing Agendas

Tsipras suggests that Varoufakis possessed his own agenda that involved promoting his publications and testing out his game theories on the nation rather than genuinely advocating the country's economic stability.

Tsipras wrote how the negotiations to prevent bankruptcy became “not only a way of achieving a better deal for Greece. They were a test, an historic chance to prove the validity of Varoufakis's theories.”

High-Stakes Negotiations

During tense negotiations, the country came perilously on the brink of exiting the eurozone.

At stake lay both the country's future and the punishing cutbacks demanded in exchange for rescue loans by foreign lenders.

Unsuccessful Alternatives

Attempts to find funds from other sources, such as an urgent plea to the Kremlin to purchase Greek bonds, were rejected.

Helping Greece would be equivalent to tossing cash in the trash-can, Putin reportedly informed Tsipras in Moscow.

Public Vote Followed by U-Turn

In July 2015, the punitive bailout terms were subjected to a popular referendum, an action which plunged Europe into a further crisis of identity.

Even though the vote was won resoundingly by those who opposed austerity, the prime minister was forced but to ignore the result then negotiate a bailout package from foreign lenders which proved to be even harsher.

Breaking Point

Tsipras revealed that he began to doubt Varoufakis quite early on.

“Varoufakis was the face of the talks, the figure who drew publicity, who graced the front pages of publications the world over … it seemed he relished the spotlight.”

When Varoufakis proposed a backup strategy that included establishing a parallel currency and distributing vouchers to retirees, the leader said he realised it was game over questioning him: “Are you serious?”

Lasting Criticism

In the book, Tsipras asserts that his former ally had proved himself to be “unfit for a deal that required intricate and delicate management.”

Tsipras further claimed that Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, while assisted hardliners that were pushing for Grexit.

The account of history has provoked anger and stunned disbelief among certain groups, while Varoufakis has kept a deafening silence regarding these claims.