🔗 Share this article

In a freshly published autobiography, called Ithaki, the ex- premier Alexis Tsipras does not hold back while he examines the turbulent era of Greece's financial crisis.

An Unconventional Appointment

In the ex-PM's recollections, Tsipras selected the maverick economist Yanis Varoufakis as his finance minister largely due to his global profile along with his highly compelling skills as a speaker.

“In reality, he was, actually, more like a celebrity rather than an economic expert,” stated Tsipras.

Clashing Priorities

The former leader suggests how his finance chief possessed his own motives that included advancing his books as well as testing out his own game theories using Greece instead of truly advocating its economic stability.

He noted that the talks to avoid bankruptcy became “not just a way to secure a better deal for the country. They were an experiment, a monumental opportunity to demonstrate the validity of his ideas.”

High-Stakes Talks

During tense discussions, Greece found itself dangerously on the brink of exiting the eurozone.

On the line lay not only Greece's destiny but also the punishing austerity policies demanded in exchange for bailout funds by foreign lenders.

Failed Options

Attempts to find funds from other sources, such as a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.

Assisting the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.

Referendum and U-Turn

That summer, those harsh conditions were put to a popular referendum, an action which plunged the EU into deeper existential crisis.

Although the referendum was won decisively by voters who opposed the cuts, the prime minister had little option but to ignore the result and negotiate a rescue deal with creditors that proved to be more severe.

Final Straw

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

“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the covers of publications globally … he gave the impression he was enjoying his new role.”

When the minister proposed a contingency plan that included creating a secondary currency as well as issuing vouchers to pensioners, the leader said he realised it was the end and asked him: “Are you serious?”

Lasting Criticism

Within the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for a deal demanding complex and delicate management.”

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

The retelling of history has been met with fury and stunned disbelief among certain groups, whereas the former minister has maintained a deafening silence on the matter.