🔗 Share this article

In a freshly published personal account, named Ithaki, the ex- prime minister Tsipras spares no criticism as he revisits the turbulent era of Greece's economic turmoil.

A Controversial Appointment

In the ex-PM's account, he chose the unorthodox academic Varoufakis as the treasury head largely because of the latter's global profile and Varoufakis's “extremely attractive” abilities when it came to public orator.

“In reality, he was, actually, more of a personality rather than an economist,” recalled the 51-year-old.

Conflicting Priorities

Tsipras suggests how his finance chief had a personal motives which involved advancing his publications as well as experimenting with his own economic models using the nation rather than genuinely fighting for the country's economic stability.

He noted how the discussions to avoid bankruptcy were “not just a method to secure a better deal for the country. They became a test, a monumental chance to prove the validity of his economic theories.”

High-Stakes Negotiations

Amid tense negotiations, the country found itself dangerously close to leaving the single currency area.

At stake was both the country's destiny and the harsh cutbacks required in return for rescue loans by international creditors.

Failed Options

Efforts to find financing from other sources, such as a desperate appeal to the Kremlin to purchase Greek bonds, fell on stony ground.

Assisting Greece would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.

Public Vote and U-Turn

In July 2015, the excoriating conditions were subjected to a public vote, an action that threw the EU into deeper crisis of identity.

Even though the referendum was won resoundingly by those who opposed the cuts, Tsipras was forced to reject its outcome and agree to a rescue deal from creditors which turned out to be tougher.

Breaking Point

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

“Varoufakis was the face of negotiation, the figure who drew publicity, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”

After the minister proposed a backup strategy involving creating a parallel currency as well as distributing vouchers to pensioners, Tsipras knew it was the end and asked Varoufakis: “Are you serious?”

Enduring Rebuke

Within the memoir, Tsipras asserts how his former ally had proved himself “unfit for a deal demanding intricate and sensitive management.”

He also wrote that his aggressive approach left him more and more alone among peers, put Greece at risk, and helped hardliners that were advocating Grexit.

The retelling of events has provoked anger along with stunned disbelief among certain groups, whereas the former minister has so far kept a conspicuous quiet regarding these claims.