Ex-PM Tsipras Asserts Yanis Varoufakis Was ‘Inappropriate’ for the role of Greek Treasury Chief During Financial Meltdown

Within his recently unveiled personal account, called Ithaki, the former leader Alexis Tsipras pulls no punches as he reflects on the turbulent period during Greece's financial crisis.

An Unconventional Appointment

In Tsipras's recollections, Tsipras selected the unorthodox economist Yanis Varoufakis to be his finance minister mainly due to the latter's worldwide fame and his highly compelling skills when it came to public orator.

“In reality, he was, truthfully, more like a personality and less of an economist,” wrote Tsipras.

Clashing Agendas

The former leader alleges how Varoufakis possessed his own motives which included promoting his books and testing out his game theories using the nation rather than genuinely fighting for the country's financial survival.

Tsipras wrote how the discussions to stave off insolvency were “not just a method to secure a better deal for the country. They became an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”

Critical Negotiations

Amid volatile negotiations, the country found itself dangerously on the brink of exiting the single currency area.

At stake was both the country's future but also those harsh austerity policies demanded in return for rescue loans by foreign lenders.

Failed Options

Efforts to find financing from other sources, including a desperate appeal to Russia to buy Greek bonds, were rejected.

Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.

Public Vote and Reversal

That summer, the harsh bailout terms were put to a popular referendum, a move which threw the EU into deeper crisis of identity.

Although the vote was carried decisively by voters against austerity, the prime minister was forced to reject its outcome then negotiate a bailout package with creditors that turned out to be tougher.

Breaking Point

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

“He was the face of negotiation, the figure who attracted publicity, who appeared on the covers of publications globally … it seemed he relished the spotlight.”

After Varoufakis outlined a contingency plan involving creating a parallel currency as well as issuing vouchers to pensioners, the leader knew that it was the end and asked Varoufakis: “Are you serious?”

Lasting Criticism

In the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for a deal demanding intricate and sensitive handling.”

He further wrote that Varoufakis's confrontational style made him increasingly isolated among peers, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.

This retelling of events has been met with anger and stunned disbelief in some quarters, while the former minister has kept a conspicuous quiet regarding these claims.