🔗 Share this article

Within his newly released memoir, named Ithaki, the ex- leader Tsipras pulls no punches as he revisits the turbulent period of Greece's economic turmoil.

A Controversial Appointment

According to Tsipras's account, Tsipras chose the unorthodox academic Varoufakis as the treasury head largely due to his worldwide fame and his “extremely attractive” abilities as a speaker.

“In reality, he was, in reality, more like a star rather than an economic expert,” wrote Tsipras.

Conflicting Priorities

Tsipras suggests how Varoufakis had a personal agenda that included advancing Varoufakis's publications and testing out his own game theories using Greece rather than truly fighting for its financial survival.

He explained that the talks to avoid insolvency became “not only a method to secure a better deal for Greece. They were an experiment, a monumental chance to demonstrate the truth of Varoufakis's theories.”

Critical Talks

During volatile discussions, Greece came perilously on the brink of leaving the single currency area.

On the line lay not only the country's destiny and the punishing cutbacks required in exchange for financial aid by international creditors.

Failed Alternatives

Efforts to find funds from other sources, such as an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.

Helping Greece was equivalent to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.

Public Vote Followed by U-Turn

In July 2015, the harsh bailout terms were subjected to a popular referendum, a move that plunged the EU into a deeper crisis of identity.

Even though the vote was won resoundingly by voters who opposed the cuts, the prime minister had little option but to reject its outcome and negotiate a bailout package from foreign lenders that turned out to be tougher.

Final Straw

The ex-PM revealed how he began to doubt Varoufakis relatively soon.

“He was the face of the talks, the man who attracted publicity, who graced the covers of publications globally … it seemed he relished his new role.”

When the minister proposed a contingency plan involving creating a secondary currency as well as issuing coupons to retirees, the leader knew it was the end questioning Varoufakis: “Is this for real?”

Enduring Rebuke

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

He also wrote how Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, while helped hawks who were advocating a Greek exit from the euro.

This retelling of events has been met with anger along with shock in some quarters, while the former minister has kept a deafening silence regarding these claims.