Ex-PM Tsipras States Varoufakis Was ‘Unfit’ for the role of Greece's Treasury Chief Amid Debt Crisis

In a newly released autobiography, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches while he reflects on the chaotic era of Greece's debt drama.

An Unconventional Appointment

As per the ex-PM's account, Tsipras chose that unorthodox academic Yanis Varoufakis to be his finance minister mainly because of his worldwide fame and his very persuasive skills as a speaker.

“He was, actually, more like a personality rather than an economist,” wrote Tsipras.

Clashing Agendas

The former leader alleges how Varoufakis possessed a personal motives that involved promoting his books and testing out his own game theories using the nation instead of genuinely advocating its financial survival.

He wrote that the discussions to stave off insolvency were “not just a way to secure a better deal for Greece. They were a test, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”

Critical Talks

During rollercoaster negotiations, Greece found itself dangerously close to exiting the single currency area.

At stake was not only Greece's future and the harsh cutbacks required in exchange for rescue loans from foreign lenders.

Unsuccessful Options

Attempts to find funds from other sources, including an urgent plea to the Kremlin to purchase Greek bonds, went unanswered.

Helping Greece was tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.

Public Vote and U-Turn

That summer, those punitive bailout terms were put to a public vote, an action which plunged the EU into a deeper existential crisis.

Even though the vote was won resoundingly by those who opposed the cuts, the prime minister was forced but to reject its outcome and agree to a bailout package with creditors that turned out to be more severe.

Breaking Point

Tsipras claimed that he began to doubt his finance minister quite early on.

“He was the public image of the talks, the man who attracted publicity, who graced the covers of magazines the world over … he gave the impression he relished his new role.”

When the minister outlined a backup strategy involving creating a secondary currency and issuing vouchers to retirees, Tsipras said he realised it was the end and asked him: “Are you serious?”

Lasting Criticism

Within the memoir, the author asserts that his former ally had proved himself to be “unsuitable for a deal demanding intricate and delicate handling.”

Tsipras also claimed that his confrontational approach left him more and more alone with colleagues, endangered the country, and helped hardliners that were advocating Grexit.

The retelling of history has provoked fury along with stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.

Christopher Woodard
Christopher Woodard

A digital strategist with over a decade of experience in tech consulting and innovation.