Former Prime Minister Tsipras Claims Varoufakis Proved ‘Unsuitable’ as Greek Finance Minister During Debt Crisis

In a recently unveiled memoir, titled Ithaki, the former leader Alexis Tsipras spares no criticism while he examines the chaotic era during Greece's economic turmoil.

A Controversial Choice

In Tsipras's recollections, he selected the unorthodox academic Varoufakis to be his finance minister primarily due to his international reputation along with his “extremely attractive” skills when it came to speaker.

“In reality, he was, actually, more of a star and less of an economic expert,” wrote the 51-year-old.

Clashing Priorities

Tsipras alleges how his finance chief had a personal agenda that included advancing Varoufakis's publications as well as testing out his theories on the nation instead of truly advocating the country's economic stability.

He noted that those talks to prevent insolvency were “not just a way to secure improved terms for the country. They became a test, an historic opportunity to demonstrate the truth of Varoufakis's theories.”

High-Stakes Talks

During rollercoaster negotiations, Greece came dangerously on the brink of exiting the single currency area.

On the line was both the country's destiny and those severe austerity policies demanded in exchange for financial aid by foreign lenders.

Unsuccessful Options

Efforts to find financing elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, went unanswered.

Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.

Public Vote and U-Turn

That summer, the excoriating bailout terms were subjected to a public vote, an action that threw Europe into deeper crisis of identity.

Even though the vote was carried decisively by those who opposed austerity, the prime minister had little option to ignore the result then negotiate a bailout package from foreign lenders that turned out to be tougher.

Breaking Point

The ex-PM claimed that he began to doubt Varoufakis relatively soon.

“Varoufakis was the public image of negotiation, the man who drew publicity, who appeared on the covers of magazines globally … he gave the impression he was enjoying his new role.”

After the minister proposed a backup strategy that included establishing a parallel currency as well as distributing coupons to retirees, Tsipras knew that it was the end and asked Varoufakis: “Are you serious?”

Lasting Criticism

In the memoir, the author concludes how his former ally had proved himself “unfit for a deal demanding complex and sensitive management.”

Tsipras also claimed that his aggressive style left him increasingly isolated with colleagues, put Greece at risk, while helped hawks who were pushing for Grexit.

This account of history has provoked anger and stunned disbelief among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.