🔗 Share this article

Within his recently unveiled memoir, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he reflects on that chaotic period during Greece's financial crisis.

A Controversial Appointment

According to Tsipras's version, he appointed the unorthodox economist Varoufakis to be his treasury head largely because of the latter's international reputation and Varoufakis's “extremely attractive” skills when it came to public orator.

“He was, in reality, more of a personality and less of an economist,” wrote Tsipras.

Clashing Agendas

Tsipras alleges how Varoufakis had a personal agenda which involved advancing his publications and experimenting with his own game theories on Greece rather than truly advocating the country's economic stability.

He noted that those discussions to prevent insolvency were “not just a method of achieving improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”

High-Stakes Negotiations

During tense negotiations, Greece came dangerously close to exiting the single currency area.

On the line lay not only the country's future and the harsh cutbacks demanded in return for bailout funds from foreign lenders.

Unsuccessful Options

Efforts to find funds from other sources, including an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.

Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.

Public Vote Followed by Reversal

That summer, the harsh bailout terms were subjected to a popular referendum, a move which plunged the EU into deeper crisis of identity.

Even though the referendum was won resoundingly by those who opposed the cuts, Tsipras had little option but to reject its outcome then negotiate a bailout package from creditors which turned out to be tougher.

Final Straw

Tsipras claimed how he started questioning Varoufakis quite early on.

“He was the public image of negotiation, the figure who drew publicity, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”

When Varoufakis outlined a backup strategy involving establishing a parallel currency and distributing vouchers to retirees, Tsipras knew it was the end questioning him: “Are you serious?”

Enduring Rebuke

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

Tsipras further claimed that his confrontational style left him increasingly isolated among peers, endangered the country, while helped hawks that were pushing for Grexit.

This account of history has been met with fury and stunned disbelief in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.