🔗 Share this article

In a freshly published memoir, called Ithaki, the former premier Alexis Tsipras spares no criticism as he examines the turbulent period during Greece's debt drama.

A Controversial Choice

As per the ex-PM's version, Tsipras chose the unorthodox academic Varoufakis to be his treasury head primarily because of his international reputation and his very persuasive skills when it came to speaker.

“In reality, he was, in reality, more of a personality and less of an economic expert,” recalled the 51-year-old.

Clashing Agendas

The former leader alleges that Varoufakis had his own agenda which included advancing Varoufakis's publications as well as testing out his own game theories using the nation rather than genuinely advocating its economic stability.

Tsipras noted that the discussions to stave off bankruptcy were “not just a method to secure a better deal for Greece. They were a test, a monumental chance to demonstrate the truth of Varoufakis's ideas.”

High-Stakes Negotiations

During volatile negotiations, Greece found itself perilously on the brink of leaving the single currency area.

On the line lay both Greece's future and the severe cutbacks demanded in exchange for bailout funds by foreign lenders.

Failed Options

Efforts to find financing elsewhere, including a desperate plea to Russia to purchase Greek bonds, went unanswered.

Helping the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.

Public Vote Followed by Reversal

That summer, the punitive conditions were subjected to a public vote, a move which threw Europe into a further existential crisis.

Although the referendum was carried resoundingly by voters who opposed the cuts, Tsipras had little option to ignore the result then negotiate a bailout package from foreign lenders which proved to be more severe.

Final Straw

The ex-PM revealed how he began to doubt Varoufakis quite early on.

“He was the face of the talks, the figure who attracted publicity, who appeared on the covers of publications the world over … it seemed he was enjoying his new role.”

When Varoufakis outlined a backup strategy that included establishing a secondary currency and distributing vouchers to retirees, Tsipras knew it was the end questioning Varoufakis: “Can you be serious?”

Enduring Rebuke

In the book, the author concludes how his former ally had proved himself “unsuitable for an agreement that required complex and sensitive management.”

He also wrote how his confrontational approach made him increasingly isolated with colleagues, endangered the country, and assisted hawks that were pushing for a Greek exit from the euro.

This retelling of events has provoked fury and shock among certain groups, whereas Varoufakis has kept a conspicuous quiet regarding these claims.