🔗 Share this article

Within his newly released autobiography, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches as he examines the turbulent era of Greece's debt drama.

A Controversial Appointment

In Tsipras's recollections, Tsipras chose that unorthodox academic Yanis Varoufakis as the finance minister mainly due to the latter's global profile along with Varoufakis's “extremely attractive” skills as a speaker.

“He was, truthfully, more of a star rather than an economist,” recalled the 51-year-old.

Clashing Agendas

The former leader suggests how his finance chief possessed a personal motives which included promoting his books and experimenting with his own theories on the nation instead of genuinely fighting for its financial survival.

Tsipras noted that those talks to stave off insolvency were “not only a way of achieving a better deal for Greece. They became a test, a monumental chance to demonstrate the validity of Varoufakis's ideas.”

Critical Negotiations

During tense negotiations, the country found itself perilously close to leaving the eurozone.

On the line lay both Greece's future and the punishing austerity measures demanded in exchange for financial aid from international creditors.

Failed Options

Efforts to secure financing from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.

Helping the indebted country would be tantamount to throwing money into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.

Referendum Followed by Reversal

In July 2015, those harsh conditions were subjected to a popular referendum, a move which threw Europe into a deeper existential crisis.

Even though the vote was won decisively by those against the cuts, the prime minister had little option but to ignore the result and negotiate a rescue deal from creditors that proved to be more severe.

Final Straw

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

“He was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”

When the minister proposed a contingency plan involving establishing a secondary currency and distributing coupons to retirees, Tsipras said he realised that it was the end and asked Varoufakis: “Is this for real?”

Enduring Rebuke

In the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for a deal demanding complex and delicate handling.”

Tsipras also wrote how his confrontational approach left him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.

The account of history has been met with anger along with stunned disbelief among certain groups, whereas Varoufakis has so far maintained a deafening silence regarding these claims.