🔗 Share this article

In a newly released autobiography, called Ithaki, the former prime minister Alexis Tsipras spares no criticism as he revisits that turbulent era of Greece's financial crisis.

An Unconventional Appointment

In Tsipras's recollections, he chose the unorthodox academic Yanis Varoufakis to be his finance minister primarily because of the latter's international reputation and his highly compelling abilities when it came to communicator.

“In reality, he was, in reality, more like a celebrity rather than an economist,” wrote Tsipras.

Conflicting Agendas

Tsipras suggests that Varoufakis had a personal agenda that included advancing his publications as well as experimenting with his theories using the nation rather than truly advocating the country's financial survival.

He wrote that the talks to stave off insolvency were “not just a way of achieving improved terms for the country. They became an experiment, an historic opportunity to prove the truth of his economic theories.”

Critical Talks

Amid rollercoaster discussions, Greece came perilously on the brink of leaving the single currency area.

At stake lay not only the country's destiny and those harsh austerity measures required in return for rescue loans by foreign lenders.

Unsuccessful Alternatives

Attempts to find financing from other sources, including a desperate appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.

Assisting Greece would be tantamount to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.

Referendum Followed by Reversal

That summer, the excoriating bailout terms were subjected to a public vote, an action that plunged the EU into further existential crisis.

Even though the vote was carried resoundingly by voters who opposed the cuts, Tsipras had little option to reject its outcome then negotiate a bailout package with creditors which turned out to be more severe.

Final Straw

Tsipras revealed how he began to doubt his finance minister quite early on.

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

After Varoufakis outlined a contingency plan that included creating a secondary currency and distributing coupons to retirees, the leader knew it was game over and asked Varoufakis: “Are you serious?”

Lasting Criticism

Within the book, the author concludes that his former ally demonstrated himself to be “unsuitable for a deal demanding complex and sensitive handling.”

He further wrote that his confrontational approach made him increasingly isolated with colleagues, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.

This account of events has been met with anger along with shock among certain groups, while the former minister has so far kept a deafening silence regarding these claims.