Ex-PM Alexis Tsipras Asserts Yanis Varoufakis Was ‘Unsuitable’ for the role of Greek Finance Minister Amid Debt Crisis

Within his recently unveiled autobiography, named Ithaki, the former prime minister Tsipras pulls no punches as he examines the turbulent era of Greece's debt drama.

An Unconventional Appointment

In Tsipras's version, Tsipras selected the maverick economist Yanis Varoufakis as the treasury head mainly because of his global profile and Varoufakis's very persuasive abilities as a speaker.

“In reality, he was, actually, more of a star and less of an economist,” recalled Tsipras.

Clashing Agendas

The former leader claims how Varoufakis had his own motives that involved promoting Varoufakis's publications and experimenting with his own game theories on the nation instead of truly advocating the country's economic stability.

He noted that the discussions to prevent bankruptcy became “not only a method to secure improved terms for the country. They became a test, a monumental chance to demonstrate the truth of Varoufakis's theories.”

High-Stakes Talks

During rollercoaster negotiations, Greece found itself dangerously on the brink of exiting the single currency area.

At stake lay not only Greece's future but also those punishing austerity policies required in exchange for bailout funds by foreign lenders.

Failed Options

Attempts to find financing elsewhere, such as an urgent plea to the Kremlin to purchase Greek government bonds, were rejected.

Assisting Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.

Referendum and Reversal

In July 2015, those excoriating conditions were put to a popular referendum, an action that plunged the EU into deeper crisis of identity.

Even though the referendum was won resoundingly by those who opposed austerity, Tsipras was forced to ignore the result then agree to a rescue deal from foreign lenders which proved to be tougher.

Final Straw

The ex-PM revealed that he started questioning his finance minister relatively soon.

“Varoufakis was the public image of negotiation, the figure who attracted publicity, who graced the front pages of magazines the world over … it seemed he relished his new role.”

When the minister proposed a backup strategy involving establishing a parallel currency and distributing coupons to pensioners, Tsipras said he realised that it was the end and asked him: “Is this for real?”

Lasting Rebuke

In the book, the author concludes how Varoufakis demonstrated himself “unfit for a deal that required complex and delicate handling.”

Tsipras also claimed that Varoufakis's aggressive approach made him more and more alone among peers, endangered the country, while helped hawks who were pushing for Grexit.

The retelling of events has been met with fury along with stunned disbelief among certain groups, while the former minister has kept a deafening silence on the matter.