🔗 Share this article

Within his newly released memoir, titled Ithaki, the ex- leader Alexis Tsipras spares no criticism as he revisits that chaotic era during Greece's financial crisis.

A Controversial Appointment

According to the ex-PM's recollections, he selected the maverick academic Varoufakis to be his treasury head mainly because of his global profile along with his very persuasive abilities as a public orator.

“In reality, he was, truthfully, more of a celebrity and less of an economist,” wrote the 51-year-old.

Clashing Agendas

Tsipras alleges how Varoufakis had his own motives which involved advancing Varoufakis's publications as well as testing out his own economic models on the nation instead of genuinely fighting for the country's financial survival.

Tsipras noted how those talks to prevent insolvency were “not only a way to secure improved terms for Greece. They were a test, a monumental chance to prove the truth of his economic theories.”

Critical Negotiations

During volatile negotiations, the country found itself perilously close to leaving the single currency area.

At stake lay not only the country's destiny and those punishing cutbacks demanded in exchange for rescue loans by international creditors.

Failed Options

Attempts to secure funds from other sources, such as a desperate plea to the Kremlin to purchase Greek bonds, were rejected.

Helping the indebted country would be equivalent to throwing money in the trash-can, Putin reportedly informed Tsipras in Moscow.

Public Vote and Reversal

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

Even though the referendum was carried resoundingly by voters against the cuts, the prime minister was forced but to ignore the result then agree to a bailout package from foreign lenders which turned out to be more severe.

Breaking Point

Tsipras revealed how he started questioning his finance minister relatively soon.

“Varoufakis was the public image of negotiation, the figure who attracted media attention, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”

When Varoufakis outlined a contingency plan that included creating a secondary currency as well as distributing vouchers to pensioners, the leader knew that it was the end and asked him: “Can you be serious?”

Lasting Rebuke

Within the book, the author concludes that Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and delicate management.”

He further claimed how Varoufakis's aggressive approach left him more and more alone among peers, put Greece at risk, while assisted hardliners that were advocating a Greek exit from the euro.

This account of history has been met with fury along with shock among certain groups, while the former minister has maintained a deafening silence regarding these claims.