Ex-PM Tsipras Claims Yanis Varoufakis Was ‘Unfit’ for the role of Greece's Treasury Chief During Financial Meltdown

In a freshly published autobiography, named Ithaki, the former premier Tsipras pulls no punches while he revisits that chaotic era during Greece's economic turmoil.

An Unconventional Choice

In Tsipras's account, he selected that maverick academic Varoufakis as his treasury head largely because of his worldwide fame and Varoufakis's “extremely attractive” abilities as a public orator.

“In reality, he was, actually, more like a personality rather than an economic expert,” stated the 51-year-old.

Conflicting Priorities

Tsipras suggests how Varoufakis had his own agenda that included promoting Varoufakis's books as well as experimenting with his theories using the nation instead of genuinely fighting for its economic stability.

He wrote that those discussions to stave off bankruptcy were “not just a method of achieving improved terms for the country. They were an experiment, an historic opportunity to prove the truth of Varoufakis's ideas.”

High-Stakes Talks

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

At stake was both the country's destiny and those harsh cutbacks demanded in return for financial aid by foreign lenders.

Failed Options

Efforts to find financing elsewhere, such as an urgent plea to the Kremlin to buy Greek bonds, fell on stony ground.

Assisting Greece would be tantamount to tossing cash into the garbage, Putin reportedly informed his Greek counterpart in Moscow.

Referendum and U-Turn

In July 2015, the punitive bailout terms were subjected to a popular referendum, a move that plunged Europe into further crisis of identity.

Even though the vote was won resoundingly by those who opposed the cuts, Tsipras was forced but to reject its outcome and agree to a rescue deal with creditors that proved to be tougher.

Breaking Point

Tsipras claimed how he started questioning his finance minister quite early on.

“He was the public image of the talks, the figure who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he relished the spotlight.”

After the minister proposed a contingency plan that included creating a secondary currency and distributing vouchers to pensioners, Tsipras knew it was the end and asked him: “Can you be serious?”

Lasting Criticism

In the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for a deal that required complex and sensitive handling.”

He further wrote that his aggressive approach left him more and more alone with colleagues, put Greece at risk, while helped hardliners who were pushing for a Greek exit from the euro.

The account of events has provoked fury and shock in some quarters, whereas the former minister has maintained a deafening silence on the matter.