Ex-PM Tsipras Asserts Yanis Varoufakis Proved ‘Unfit’ for the role of Greek Treasury Chief Amid Debt Crisis

Within his recently unveiled memoir, titled Ithaki, the ex- leader Tsipras spares no criticism as he examines the chaotic period during Greece's economic turmoil.

A Controversial Appointment

According to Tsipras's recollections, he selected that maverick economist Yanis Varoufakis to be the finance minister largely because of his international reputation along with his highly compelling abilities as a public orator.

“In reality, he was, actually, more like a personality and less of an economic expert,” stated Tsipras.

Clashing Agendas

The former leader suggests that Varoufakis possessed a personal motives that involved advancing Varoufakis's books as well as testing out his theories on Greece rather than genuinely fighting for the country's financial survival.

Tsipras wrote that those negotiations to avoid insolvency were “not only a way of achieving improved terms for Greece. They were a test, a monumental opportunity to demonstrate the validity of his theories.”

High-Stakes Talks

During tense discussions, Greece came perilously close to leaving the single currency area.

At stake lay both Greece's future and the harsh austerity policies required in return for rescue loans by international creditors.

Failed Alternatives

Efforts to find financing from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.

Helping Greece would be tantamount to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.

Public Vote and U-Turn

In July 2015, those harsh bailout terms were subjected to a popular referendum, a move which plunged Europe into deeper existential crisis.

Although the vote was won resoundingly by those against austerity, Tsipras had little option but to ignore the result then agree to a bailout package from foreign lenders that proved to be tougher.

Final Straw

Tsipras revealed that he began to doubt his finance minister relatively soon.

“He was the public image of negotiation, the figure who drew publicity, who graced the covers of magazines the world over … he gave the impression he relished his new role.”

When the minister proposed a contingency plan involving creating a parallel currency and issuing vouchers to pensioners, the leader said he realised it was game over questioning him: “Are you serious?”

Enduring Rebuke

In the memoir, Tsipras asserts how his former ally demonstrated himself “unsuitable for an agreement that required complex and delicate handling.”

Tsipras further wrote how Varoufakis's aggressive style left him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were advocating Grexit.

The retelling of history has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.