Ex-PM Tsipras Asserts Yanis Varoufakis Was ‘Unsuitable’ as Greek Finance Minister Amid Debt Crisis

Within his recently unveiled memoir, named Ithaki, the ex- premier Tsipras spares no criticism while he examines the chaotic era of Greece's financial crisis.

An Unconventional Choice

In the ex-PM's recollections, Tsipras appointed that unorthodox academic Varoufakis to be his treasury head largely because of the latter's international reputation along with Varoufakis's very persuasive abilities when it came to speaker.

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

Clashing Agendas

Tsipras alleges that Varoufakis possessed his own motives which involved advancing his books and testing out his game theories on the nation rather than genuinely advocating its economic stability.

He noted that those talks to prevent insolvency became “not only a method of achieving a better deal for the country. They were a test, an historic chance to prove the truth of Varoufakis's theories.”

High-Stakes Talks

During volatile discussions, the country found itself dangerously on the brink of exiting the eurozone.

On the line was not only the country's future but also the punishing austerity measures demanded in return for bailout funds by foreign lenders.

Failed Alternatives

Efforts to find funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek bonds, were rejected.

Helping the indebted country would be equivalent to tossing cash into the garbage, Putin reportedly informed Tsipras in Moscow.

Public Vote Followed by U-Turn

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

Although the vote was carried decisively by voters who opposed austerity, the prime minister had little option but to ignore the result and negotiate a rescue deal with creditors which proved to be more severe.

Breaking Point

The ex-PM revealed how he began to doubt Varoufakis quite early on.

“He was the public image of the talks, the man who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying his new role.”

When the minister outlined a contingency plan involving creating a parallel currency and issuing vouchers to retirees, Tsipras said he realised that it was game over and asked him: “Can you be serious?”

Enduring Rebuke

Within the memoir, the author concludes that Varoufakis had proved himself to be “unsuitable for an agreement that required complex and sensitive management.”

He further claimed how his aggressive approach made him increasingly isolated among peers, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.

The retelling of history has been met with anger along with shock in some quarters, while the former minister has maintained a conspicuous quiet on the matter.