🔗 Share this article

In a newly released personal account, titled Ithaki, the ex- leader Tsipras does not hold back while he reflects on the chaotic era of Greece's financial crisis.

A Controversial Appointment

In the ex-PM's version, he chose the unorthodox economist Yanis Varoufakis to be the treasury head largely because of the latter's global profile along with Varoufakis's “extremely attractive” skills when it came to public orator.

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

Conflicting Agendas

Tsipras claims that his finance chief possessed a personal agenda which included promoting his books and testing out his own economic models on Greece instead of genuinely fighting for the country's economic stability.

He explained that the negotiations to prevent bankruptcy became “not just a way to secure improved terms for the country. They became an experiment, an historic chance to prove the truth of his theories.”

High-Stakes Talks

Amid tense negotiations, Greece came dangerously on the brink of leaving the eurozone.

At stake lay both the country's future but also the harsh austerity policies required in return for financial aid from international creditors.

Failed Options

Efforts to secure financing elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.

Assisting Greece would be equivalent to throwing money into the garbage, Putin reportedly told his Greek counterpart during their meeting.

Referendum Followed by Reversal

That summer, the punitive bailout terms were subjected to a public vote, a move which plunged the EU into a deeper existential crisis.

Although the referendum was won decisively by voters who opposed austerity, the prime minister was forced to reject its outcome then negotiate a bailout package with foreign lenders that proved to be more severe.

Final Straw

The ex-PM revealed how he started questioning his finance minister relatively soon.

“He was the face of the talks, the figure who attracted publicity, who appeared on the covers of publications globally … it seemed he was enjoying the spotlight.”

After the minister proposed a contingency plan that included establishing a secondary currency and issuing coupons to pensioners, Tsipras knew it was game over questioning him: “Can you be serious?”

Lasting Criticism

Within the memoir, Tsipras asserts that Varoufakis demonstrated himself “unfit for an agreement demanding complex and sensitive management.”

Tsipras further wrote that Varoufakis's aggressive style made him increasingly isolated among peers, put Greece at risk, while assisted hardliners who were advocating Grexit.

This account of history has provoked anger and stunned disbelief in some quarters, while the former minister has kept a conspicuous quiet on the matter.