🔗 Share this article

In a newly released personal account, named Ithaki, the former premier Alexis Tsipras pulls no punches while he revisits the turbulent era during Greece's financial crisis.

A Controversial Appointment

According to Tsipras's account, Tsipras chose that maverick academic Varoufakis as the finance minister mainly because of the latter's worldwide fame along with Varoufakis's highly compelling abilities as a communicator.

“In reality, he was, actually, more like a star and less of an economist,” recalled Tsipras.

Conflicting Priorities

Tsipras alleges how Varoufakis had his own motives that included promoting Varoufakis's books and testing out his game theories using the nation instead of truly fighting for the country's economic stability.

Tsipras explained that the discussions to avoid insolvency were “not just a way to secure improved terms for the country. They were a test, an historic chance to demonstrate the truth of his ideas.”

High-Stakes Negotiations

Amid tense discussions, the country came perilously close to leaving the single currency area.

On the line was both Greece's future and the severe austerity measures required in exchange for bailout funds from foreign lenders.

Failed Options

Efforts to secure funds from other sources, such as a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.

Assisting the indebted country would be equivalent to tossing cash into the garbage, the Russian leader reportedly informed Tsipras during their meeting.

Public Vote Followed by Reversal

In July 2015, those excoriating conditions were subjected to a popular referendum, an action which plunged the EU into a further existential crisis.

Although the vote was won resoundingly by voters against austerity, the prime minister was forced but to ignore the result and negotiate a bailout package from creditors which turned out to be more severe.

Breaking Point

The ex-PM revealed that he began to doubt Varoufakis relatively soon.

“He was the public image of the talks, the man who drew publicity, who graced the covers of magazines the world over … it seemed he relished the spotlight.”

When Varoufakis proposed a backup strategy that included creating a secondary currency and distributing vouchers to retirees, Tsipras knew that it was game over and asked him: “Can you be serious?”

Enduring Criticism

In the book, the author asserts that his former ally demonstrated himself “unsuitable for an agreement that required intricate and delicate handling.”

He also claimed that Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, and helped hawks that were advocating Grexit.

This account of events has been met with fury and shock among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.