🔗 Share this article

Within his newly released personal account, called Ithaki, the ex- premier Tsipras does not hold back while he examines that turbulent period during Greece's financial crisis.

An Unconventional Choice

As per the ex-PM's version, he selected the unorthodox academic Yanis Varoufakis to be the treasury head mainly because of his global profile along with Varoufakis's very persuasive skills when it came to public orator.

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

Conflicting Agendas

Tsipras alleges that his finance chief had a personal agenda that involved advancing his publications as well as testing out his game theories on Greece rather than genuinely fighting for the country's financial survival.

Tsipras noted that the talks to stave off bankruptcy were “not just a method of achieving improved terms for Greece. They became a test, a monumental chance to demonstrate the validity of Varoufakis's theories.”

High-Stakes Talks

During volatile discussions, Greece found itself perilously close to exiting the single currency area.

At stake was both Greece's future but also the severe cutbacks required in return for rescue loans by international creditors.

Unsuccessful Options

Attempts to find funds elsewhere, such as a desperate plea to Russia to purchase Greek bonds, fell on stony ground.

Helping the indebted country would be tantamount to tossing cash in the trash-can, Putin is reputed to have informed Tsipras during their meeting.

Public Vote and Reversal

In July 2015, the harsh bailout terms were put to a public vote, a move that threw Europe into further crisis of identity.

Although the vote was won decisively by voters who opposed the cuts, the prime minister had little option but to reject its outcome then negotiate a bailout package from creditors that turned out to be tougher.

Breaking Point

The ex-PM revealed how he started questioning Varoufakis relatively soon.

“He was the face of the talks, the figure who attracted publicity, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”

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

Enduring Rebuke

Within the memoir, the author concludes how his former ally demonstrated himself “unfit for a deal demanding intricate and sensitive management.”

Tsipras also claimed how his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.

This account of events has provoked fury along with shock in some quarters, whereas the former minister has maintained a conspicuous quiet regarding these claims.