🔗 Share this article

In a recently unveiled autobiography, called Ithaki, the former leader Tsipras spares no criticism while he reflects on that chaotic period of Greece's financial crisis.

A Controversial Appointment

As per the ex-PM's recollections, he chose the maverick economist Yanis Varoufakis to be his treasury head mainly because of his international reputation and his very persuasive skills as a communicator.

“In reality, he was, actually, more like a personality rather than an economist,” stated Tsipras.

Conflicting Priorities

Tsipras alleges that Varoufakis had his own agenda which included advancing Varoufakis's publications and experimenting with his economic models using the nation rather than genuinely fighting for its economic stability.

He noted that the negotiations to prevent bankruptcy were “not only a way of achieving improved terms for the country. They were a test, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”

High-Stakes Talks

During volatile negotiations, the country came perilously close to leaving the eurozone.

On the line lay not only Greece's destiny but also the severe austerity policies required in exchange for rescue loans from international creditors.

Failed Options

Attempts to find funds from other sources, such as an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.

Helping Greece was tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.

Referendum and Reversal

That summer, those harsh conditions were put to a public vote, a move that threw Europe into further crisis of identity.

Even though the referendum was won decisively by those against austerity, the prime minister had little option to ignore the result and negotiate a rescue deal from creditors which turned out to be even harsher.

Breaking Point

The ex-PM claimed how he started questioning his finance minister relatively soon.

“Varoufakis was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying the spotlight.”

When Varoufakis proposed a contingency plan involving establishing a secondary currency as well as issuing coupons to pensioners, the leader knew that it was the end questioning Varoufakis: “Can you be serious?”

Enduring Rebuke

Within the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for a deal that required intricate and sensitive handling.”

He further wrote that Varoufakis's aggressive approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.

The account of history has provoked anger and shock in some quarters, while Varoufakis has so far kept a conspicuous quiet regarding these claims.