Former Prime Minister Alexis Tsipras States Varoufakis Was ‘Unfit’ as Greece's Treasury Chief During Financial Meltdown

Within his newly released personal account, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he reflects on the chaotic period of Greece's debt drama.

A Controversial Appointment

As per Tsipras's recollections, he appointed the unorthodox academic Yanis Varoufakis as the finance minister primarily because of the latter's international reputation and his “extremely attractive” skills when it came to speaker.

“He was, in reality, more of a celebrity and less of an economic expert,” recalled the 51-year-old.

Clashing Priorities

The former leader claims that his finance chief had his own motives that included promoting his publications as well as experimenting with his own economic models on the nation rather than truly advocating the country's economic stability.

Tsipras noted that the discussions to avoid bankruptcy were “not just a method of achieving improved terms for the country. They became a test, an historic opportunity to prove the validity of Varoufakis's theories.”

Critical Negotiations

Amid tense negotiations, Greece came dangerously close to leaving the eurozone.

At stake lay not only the country's destiny but also those punishing austerity policies demanded in return for bailout funds by international creditors.

Unsuccessful Options

Efforts to secure funds elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.

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

Referendum and U-Turn

That summer, those excoriating bailout terms were put to a public vote, an action which plunged Europe into further existential crisis.

Although the referendum was won decisively by those against austerity, the prime minister had little option but to ignore the result and negotiate a rescue deal from foreign lenders which proved to be tougher.

Final Straw

The ex-PM claimed how he started questioning Varoufakis relatively soon.

“He was the public image of the talks, the man who drew media attention, who graced the covers of publications globally … he gave the impression he relished the spotlight.”

After Varoufakis outlined a backup strategy that included establishing a secondary currency and issuing coupons to pensioners, the leader said he realised it was game over questioning Varoufakis: “Can you be serious?”

Enduring Rebuke

In the memoir, the author concludes how Varoufakis demonstrated himself “unfit for a deal that required intricate and delicate management.”

Tsipras further claimed that his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.

The retelling of history has been met with anger along with shock among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.