🔗 Share this article

In a recently unveiled memoir, called Ithaki, the ex- prime minister Tsipras spares no criticism as he examines that chaotic period of Greece's financial crisis.

A Controversial Choice

As per the ex-PM's recollections, he selected the unorthodox economist Varoufakis to be his finance minister mainly because of his international reputation along with his “extremely attractive” skills when it came to communicator.

“In reality, he was, truthfully, more like a star rather than an economist,” wrote the 51-year-old.

Clashing Priorities

Tsipras suggests how his finance chief had his own agenda that involved advancing Varoufakis's publications as well as experimenting with his economic models on Greece rather than truly advocating the country's financial survival.

Tsipras explained how the negotiations to avoid bankruptcy were “not just a method to secure improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of his theories.”

Critical Negotiations

During rollercoaster negotiations, Greece found itself perilously on the brink of exiting the eurozone.

At stake lay both Greece's destiny but also those punishing austerity measures demanded in return for rescue loans by foreign lenders.

Failed Alternatives

Efforts to find funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek bonds, were rejected.

Helping Greece would be equivalent to tossing cash in the trash-can, Putin is reputed to have informed Tsipras in Moscow.

Referendum and U-Turn

That summer, those punitive conditions were subjected to a public vote, a move that plunged the EU into a further crisis of identity.

Even though the referendum was carried decisively by those who opposed the cuts, the prime minister was forced to ignore the result and negotiate a rescue deal from foreign lenders that proved to be even harsher.

Breaking Point

Tsipras revealed that he began to doubt Varoufakis quite early on.

“He was the public image of negotiation, the man who attracted media attention, who graced the front pages of publications the world over … it seemed he was enjoying his new role.”

After the minister outlined a backup strategy that included establishing a parallel currency and distributing coupons to pensioners, the leader knew that it was game over and asked him: “Can you be serious?”

Lasting Rebuke

In the book, Tsipras asserts how Varoufakis had proved himself “unsuitable for a deal demanding complex and delicate handling.”

Tsipras further wrote that Varoufakis's aggressive style made him increasingly isolated among peers, put Greece at risk, and helped hawks who were pushing for Grexit.

This retelling of history has been met with fury along with stunned disbelief among certain groups, while the former minister has so far kept a deafening silence on the matter.