Former Prime Minister Tsipras Claims Yanis Varoufakis Proved ‘Unfit’ as Greek Finance Minister Amid Debt Crisis

In a recently unveiled memoir, called Ithaki, the former premier Alexis Tsipras pulls no punches while he revisits that turbulent era of Greece's financial crisis.

An Unconventional Choice

As per the ex-PM's recollections, Tsipras appointed that unorthodox academic Varoufakis as the treasury head mainly because of his international reputation along with Varoufakis's highly compelling abilities as a speaker.

“He was, actually, more like a celebrity rather than an economic expert,” recalled Tsipras.

Conflicting Agendas

The former leader claims how Varoufakis had a personal motives which involved advancing Varoufakis's publications and experimenting with his own game theories on the nation rather than genuinely fighting for the country's financial survival.

Tsipras noted how the discussions to stave off insolvency became “not just a method of achieving improved terms for the country. They were an experiment, an historic opportunity to prove the truth of his economic theories.”

High-Stakes Negotiations

During volatile negotiations, the country found itself perilously on the brink of exiting the single currency area.

On the line lay both Greece's future and those severe cutbacks required in return for financial aid from international creditors.

Unsuccessful Options

Efforts to find financing elsewhere, including a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.

Helping Greece was tantamount to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.

Referendum and U-Turn

That summer, the harsh bailout terms were subjected to a popular referendum, a move which plunged Europe into further crisis of identity.

Even though the referendum was carried resoundingly by voters against austerity, Tsipras had little option but to ignore the result and agree to a rescue deal with creditors which proved to be even harsher.

Final Straw

Tsipras claimed that he began to doubt his finance minister relatively soon.

“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the covers of publications globally … it seemed he was enjoying the spotlight.”

When the minister proposed a contingency plan that included establishing a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised that it was the end questioning him: “Is this for real?”

Lasting Rebuke

In the memoir, the author asserts how Varoufakis had proved himself to be “unfit for a deal that required intricate and sensitive management.”

He further wrote how Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, while helped hardliners who were advocating Grexit.

The retelling of events has been met with anger along with stunned disbelief among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.