Ex-PM Tsipras States Yanis Varoufakis Proved ‘Unfit’ as Greece's Treasury Chief During Debt Crisis

In a recently unveiled autobiography, named Ithaki, the former prime minister Tsipras does not hold back while he examines that chaotic era during Greece's debt drama.

A Controversial Choice

In the ex-PM's recollections, he appointed the unorthodox economist Varoufakis to be the finance minister largely due to the latter's international reputation and his highly compelling skills when it came to speaker.

“He was, in reality, more of a personality and less of an economist,” recalled the 51-year-old.

Clashing Agendas

Tsipras alleges how Varoufakis possessed a personal motives that involved advancing his publications and experimenting with his own game theories using Greece rather than truly fighting for its economic stability.

Tsipras wrote how those negotiations to avoid insolvency became “not only a way of achieving a better deal for the country. They were a test, an historic opportunity to demonstrate the truth of his ideas.”

High-Stakes Talks

Amid rollercoaster discussions, Greece found itself perilously on the brink of leaving the single currency area.

At stake was both Greece's future and those harsh cutbacks required in return for rescue loans by foreign lenders.

Failed Alternatives

Efforts to secure funds elsewhere, including an urgent plea to Russia to purchase Greek bonds, were rejected.

Assisting Greece would be tantamount to throwing money in the trash-can, Putin reportedly informed Tsipras during their meeting.

Public Vote and U-Turn

That summer, the excoriating conditions were subjected to a public vote, an action that threw the EU into further crisis of identity.

Although the vote was carried decisively by voters against austerity, the prime minister had little option but to ignore the result then negotiate a rescue deal from creditors which proved to be even harsher.

Final Straw

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

“He was the face of the talks, the man who attracted publicity, who appeared on the covers of magazines the world over … it seemed he was enjoying the spotlight.”

When Varoufakis proposed a contingency plan that included creating a secondary currency as well as issuing vouchers to retirees, the leader said he realised that it was game over and asked him: “Are you serious?”

Enduring Rebuke

Within the memoir, the author concludes how his former ally had proved himself to be “unfit for an agreement demanding complex and delicate handling.”

He further wrote how his confrontational style left him more and more alone with colleagues, put Greece at risk, while helped hawks that were pushing for Grexit.

The account of history has been met with fury along with shock among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.

Ryan Hunter
Ryan Hunter

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