Former Prime Minister Alexis Tsipras Claims Yanis Varoufakis Proved ‘Unsuitable’ for the role of Greek Treasury Chief Amid Debt Crisis

Within his freshly published personal account, named Ithaki, the ex- premier Tsipras spares no criticism as he revisits the turbulent period of Greece's economic turmoil.

A Controversial Choice

As per Tsipras's recollections, he selected the unorthodox academic Yanis Varoufakis as the finance minister mainly because of his international reputation and Varoufakis's very persuasive abilities when it came to communicator.

“In reality, he was, truthfully, more of a celebrity and less of an economic expert,” wrote Tsipras.

Clashing Priorities

Tsipras suggests that his finance chief had a personal motives which involved promoting Varoufakis's books and testing out his own economic models on the nation instead of genuinely advocating its financial survival.

Tsipras explained how the discussions to prevent bankruptcy became “not just a method to secure a better deal for the country. They were a test, an historic opportunity to prove the truth of Varoufakis's theories.”

Critical Negotiations

Amid tense discussions, the country found itself dangerously close to exiting the eurozone.

At stake was both Greece's future and those harsh cutbacks required in exchange for bailout funds by foreign lenders.

Failed Alternatives

Attempts to secure funds from other sources, including a desperate plea to the Kremlin to purchase Greek bonds, fell on stony ground.

Assisting Greece would be equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart in Moscow.

Referendum and Reversal

In July 2015, those punitive bailout terms were subjected to a popular referendum, an action that threw the EU into deeper existential crisis.

Even though the referendum was won resoundingly by those against austerity, Tsipras was forced to ignore the result then agree to a rescue deal from creditors that proved to be more severe.

Breaking Point

The ex-PM claimed how he began to doubt his finance minister quite early on.

“He was the public image of negotiation, the man who drew media attention, who appeared on the covers of magazines globally … it seemed he relished the spotlight.”

After Varoufakis outlined a backup strategy involving creating a secondary currency and issuing vouchers to pensioners, Tsipras said he realised that it was the end and asked him: “Is this for real?”

Enduring Criticism

Within the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and delicate management.”

Tsipras also claimed that Varoufakis's confrontational approach left him more and more alone with colleagues, put Greece at risk, and helped hardliners that were advocating Grexit.

The account of history has provoked fury and shock among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.