Former Prime Minister Tsipras Asserts Yanis Varoufakis Was ‘Inappropriate’ as Greece's Treasury Chief Amid Financial Meltdown

In a recently unveiled memoir, titled Ithaki, the ex- leader Tsipras pulls no punches as he examines that chaotic era of Greece's economic turmoil.

An Unconventional Choice

According to the ex-PM's recollections, Tsipras appointed that maverick economist Varoufakis as the finance minister primarily because of the latter's worldwide fame and Varoufakis's “extremely attractive” skills as a communicator.

“In reality, he was, in reality, more of a star rather than an economist,” stated Tsipras.

Clashing Agendas

The former leader alleges that Varoufakis possessed a personal agenda that included advancing his books as well as experimenting with his own theories on the nation rather than truly fighting for the country's economic stability.

Tsipras wrote that the discussions to stave off insolvency became “not only a method of achieving a better deal for the country. They were a test, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”

High-Stakes Talks

During volatile negotiations, Greece came dangerously close to leaving the eurozone.

At stake was both the country's destiny and those harsh cutbacks required in return for bailout funds from international creditors.

Failed Alternatives

Attempts to find funds from other sources, including a desperate appeal to Russia to buy Greek government bonds, went unanswered.

Helping the indebted country would be tantamount to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.

Public Vote and U-Turn

That summer, the excoriating bailout terms were subjected to a public vote, a move that threw the EU into a further existential crisis.

Even though the referendum was won decisively by voters against the cuts, the prime minister was forced to ignore the result then agree to a rescue deal with creditors which turned out to be tougher.

Final Straw

The ex-PM revealed that he started questioning Varoufakis quite early on.

“He was the public image of negotiation, the figure who drew media attention, who graced the front pages of publications globally … it seemed he relished his new role.”

After Varoufakis proposed a backup strategy involving establishing a parallel currency and distributing coupons to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”

Enduring Criticism

Within the book, Tsipras concludes how Varoufakis demonstrated himself “unsuitable for a deal that required complex and sensitive handling.”

Tsipras further claimed how Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, and helped hawks who were advocating Grexit.

The account of history has provoked fury along with stunned disbelief in some quarters, while the former minister has so far kept a deafening silence on the matter.