🔗 Share this article

Within his newly released autobiography, named Ithaki, the former premier Alexis Tsipras pulls no punches while he reflects on the chaotic period during Greece's debt drama.

A Controversial Choice

In the ex-PM's version, Tsipras appointed that unorthodox academic Yanis Varoufakis to be the treasury head largely due to his international reputation along with Varoufakis's highly compelling abilities when it came to public orator.

“He was, truthfully, more of a star rather than an economist,” recalled the 51-year-old.

Clashing Agendas

The former leader suggests how Varoufakis possessed a personal agenda that involved promoting his publications and testing out his game theories using Greece instead of truly fighting for its economic stability.

He explained how the discussions to stave off bankruptcy were “not only a method of achieving a better deal for Greece. They became a test, an historic chance to demonstrate the validity of his ideas.”

Critical Negotiations

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

At stake lay not only the country's future and the severe austerity measures required in return for financial aid from international creditors.

Failed Alternatives

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

Helping the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.

Public Vote and U-Turn

In July 2015, those harsh conditions were put to a public vote, a move which plunged the EU into a further crisis of identity.

Even though the referendum was won decisively by those who opposed the cuts, Tsipras had little option but to reject its outcome then negotiate a rescue deal with creditors that turned out to be more severe.

Breaking Point

The ex-PM revealed that he began to doubt his finance minister quite early on.

“He was the face of negotiation, the man who drew publicity, who appeared on the front pages of publications the world over … it seemed he was enjoying the spotlight.”

When the minister proposed a backup strategy involving creating a parallel currency and issuing coupons to pensioners, Tsipras knew that it was game over questioning Varoufakis: “Are you serious?”

Lasting Rebuke

In the memoir, the author concludes how his former ally had proved himself “unsuitable for an agreement demanding complex and delicate management.”

Tsipras also wrote how Varoufakis's confrontational approach made him increasingly isolated among peers, endangered the country, while assisted hawks who were pushing for Grexit.

The retelling of events has been met with anger and stunned disbelief in some quarters, while Varoufakis has so far maintained a deafening silence regarding these claims.