🔗 Share this article

In a recently unveiled personal account, named Ithaki, the former prime minister Tsipras spares no criticism as he revisits that turbulent period during Greece's economic turmoil.

A Controversial Appointment

As per the ex-PM's version, Tsipras appointed the unorthodox academic Yanis Varoufakis as his treasury head largely because of his worldwide fame and his very persuasive abilities as a public orator.

“In reality, he was, in reality, more of a celebrity rather than an economic expert,” wrote the 51-year-old.

Conflicting Priorities

Tsipras alleges how Varoufakis had a personal agenda that involved promoting his publications and experimenting with his own game theories on the nation instead of genuinely fighting for the country's economic stability.

Tsipras explained how the discussions to prevent insolvency became “not only a way of achieving a better deal for the country. They were an experiment, a monumental chance to demonstrate the truth of his ideas.”

High-Stakes Negotiations

Amid rollercoaster negotiations, the country found itself perilously close to leaving the eurozone.

At stake was not only Greece's destiny and the punishing austerity policies demanded in exchange for bailout funds by international creditors.

Failed Alternatives

Attempts to secure financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, went unanswered.

Assisting Greece would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.

Referendum Followed by Reversal

In July 2015, the punitive bailout terms were subjected to a public vote, an action which threw the EU into a further existential crisis.

Even though the vote was carried decisively by those against the cuts, the prime minister was forced but to ignore the result then agree to a rescue deal from foreign lenders which proved to be tougher.

Breaking Point

The ex-PM revealed how he started questioning Varoufakis relatively soon.

“Varoufakis was the face of negotiation, the figure who attracted media attention, who graced the front pages of publications globally … it seemed he relished his new role.”

When Varoufakis proposed a backup strategy involving establishing a parallel currency and distributing coupons to pensioners, Tsipras said he realised it was game over questioning him: “Are you serious?”

Lasting Criticism

In the book, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement that required complex and sensitive management.”

Tsipras further wrote how Varoufakis's aggressive approach left him increasingly isolated among peers, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.

The account of events has provoked anger along with stunned disbelief in some quarters, whereas the former minister has kept a deafening silence regarding these claims.