🔗 Share this article

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

An Unconventional Choice

As per Tsipras's account, he chose that unorthodox academic Varoufakis to be his finance minister largely because of the latter's worldwide fame and Varoufakis's highly compelling skills as a public orator.

“He was, actually, more of a celebrity rather than an economic expert,” wrote the 51-year-old.

Clashing Agendas

Tsipras alleges how his finance chief had his own motives which involved advancing his publications as well as testing out his own economic models using the nation rather than truly advocating its financial survival.

He wrote how those negotiations to avoid bankruptcy became “not just a method of achieving a better deal for the country. They were an experiment, a monumental chance to prove the truth of his ideas.”

High-Stakes Talks

During rollercoaster discussions, the country came perilously on the brink of exiting the single currency area.

At stake was both Greece's destiny and the severe austerity policies demanded in exchange for rescue loans by international creditors.

Failed Alternatives

Attempts to find financing from other sources, such as a desperate plea to Russia to purchase Greek government bonds, were rejected.

Assisting Greece was equivalent to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.

Public Vote and Reversal

In July 2015, those excoriating bailout terms were put to a popular referendum, a move which plunged the EU into a further crisis of identity.

Even though the referendum was carried decisively by voters who opposed austerity, Tsipras had little option but to ignore the result and negotiate a rescue deal from foreign lenders which proved to be tougher.

Breaking Point

The ex-PM claimed how he began to doubt his finance minister relatively soon.

“He was the face of negotiation, the man who drew media attention, who appeared on the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”

After Varoufakis outlined a backup strategy that included creating a secondary currency as well as distributing vouchers to retirees, the leader knew that it was the end and asked Varoufakis: “Are you serious?”

Lasting Criticism

In the memoir, Tsipras concludes that his former ally had proved himself to be “unsuitable for a deal that required complex and delicate handling.”

Tsipras further wrote how his aggressive style made him more and more alone among peers, put Greece at risk, and assisted hawks that were advocating Grexit.

This retelling of history has been met with anger and shock in some quarters, whereas the former minister has so far kept a deafening silence on the matter.