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

Within his recently unveiled autobiography, called Ithaki, the former prime minister Tsipras spares no criticism as he reflects on the chaotic period of Greece's economic turmoil.

A Controversial Choice

In the ex-PM's version, he selected the unorthodox academic Varoufakis to be the treasury head largely due to the latter's international reputation along with his “extremely attractive” skills as a speaker.

“In reality, he was, actually, more like a star and less of an economist,” recalled Tsipras.

Clashing Agendas

Tsipras suggests how his finance chief had his own motives which involved promoting his books and testing out his game theories using the nation instead of truly advocating its financial survival.

He wrote that the discussions to stave off insolvency were “not just a method of achieving a better deal for the country. They became an experiment, an historic opportunity to demonstrate the validity of his economic theories.”

High-Stakes Negotiations

Amid volatile discussions, Greece found itself dangerously close to exiting the single currency area.

On the line was not only the country's destiny and the punishing austerity measures required in exchange for rescue loans by international creditors.

Failed Options

Attempts to secure funds elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, were rejected.

Helping the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.

Referendum and U-Turn

That summer, the excoriating conditions were put to a public vote, a move which plunged Europe into a further existential crisis.

Although the referendum was won resoundingly by those against austerity, Tsipras was forced but to ignore the result and negotiate a rescue deal with creditors that proved to be more severe.

Final Straw

The ex-PM claimed that he started questioning his finance minister relatively soon.

“Varoufakis was the public image of the talks, the figure who attracted media attention, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”

When the minister outlined a contingency plan involving establishing a secondary currency and issuing coupons to retirees, Tsipras said he realised that it was the end questioning Varoufakis: “Can you be serious?”

Lasting Criticism

Within the book, the author concludes how his former ally demonstrated himself to be “unfit for a deal that required intricate and sensitive management.”

He also claimed how Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, while helped hawks that were advocating Grexit.

The account of history has been met with fury and stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.

Randy Gomez
Randy Gomez

A seasoned journalist with a passion for uncovering truth and delivering compelling stories that matter to readers everywhere.