🔗 Share this article

In a newly released personal account, titled Ithaki, the former premier Tsipras does not hold back while he revisits that chaotic period of Greece's debt drama.

An Unconventional Appointment

In the ex-PM's version, Tsipras selected the maverick academic Yanis Varoufakis as his finance minister mainly because of his worldwide fame along with Varoufakis's highly compelling abilities as a public orator.

“He was, actually, more of a celebrity rather than an economic expert,” wrote Tsipras.

Clashing Agendas

The former leader alleges that Varoufakis possessed his own agenda which involved promoting his publications as well as testing out his game theories using the nation instead of truly advocating the country's financial survival.

He wrote how those negotiations to stave off insolvency became “not only a method of achieving improved terms for Greece. They were an experiment, a monumental opportunity to prove the truth of his ideas.”

Critical Talks

Amid rollercoaster discussions, the country came perilously on the brink of leaving the eurozone.

On the line was not only Greece's future but also the punishing austerity measures demanded in return for rescue loans by international creditors.

Failed Alternatives

Efforts to secure financing elsewhere, including a desperate plea to the Kremlin to purchase Greek bonds, fell on stony ground.

Assisting the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.

Referendum Followed by U-Turn

That summer, the punitive bailout terms were put to a popular referendum, a move which plunged the EU into further crisis of identity.

Even though the vote was carried resoundingly by those who opposed austerity, the prime minister had little option but to reject its outcome and agree to a rescue deal from foreign lenders that proved to be even harsher.

Breaking Point

The ex-PM claimed that he started questioning Varoufakis relatively soon.

“He was the face of the talks, the man who attracted publicity, who graced the covers of publications the world over … it seemed he relished the spotlight.”

After Varoufakis proposed a backup strategy that included creating a secondary currency and issuing vouchers to retirees, the leader knew it was game over and asked Varoufakis: “Are you serious?”

Enduring Rebuke

In the book, Tsipras concludes that Varoufakis demonstrated himself “unfit for an agreement demanding intricate and sensitive management.”

Tsipras also wrote that his confrontational approach made him more and more alone with colleagues, endangered the country, while helped hawks who were pushing for a Greek exit from the euro.

This retelling of history has provoked fury and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.