Former Prime Minister Tsipras Claims Varoufakis Proved ‘Unsuitable’ for the role of Greece's Finance Minister During Financial Meltdown

In a recently unveiled personal account, named Ithaki, the ex- prime minister Tsipras does not hold back as he revisits that turbulent era during Greece's debt drama.

An Unconventional Choice

As per the ex-PM's account, he appointed the unorthodox economist Varoufakis as the treasury head mainly because of his international reputation and Varoufakis's “extremely attractive” abilities as a speaker.

“He was, actually, more of a personality rather than an economist,” stated the 51-year-old.

Conflicting Agendas

Tsipras claims how Varoufakis had a personal agenda which involved promoting Varoufakis's books and experimenting with his economic models using Greece rather than genuinely advocating its economic stability.

Tsipras wrote how the discussions to prevent insolvency were “not just a method of achieving a better deal for Greece. They became an experiment, an historic opportunity to demonstrate the truth of his ideas.”

Critical Talks

Amid volatile negotiations, Greece found itself perilously close to leaving the single currency area.

At stake was both the country's future but also those severe austerity measures demanded in exchange for bailout funds from foreign lenders.

Unsuccessful Options

Attempts to find funds elsewhere, such as an urgent plea to the Kremlin to buy Greek bonds, went unanswered.

Helping Greece would be equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.

Referendum Followed by Reversal

That summer, the harsh bailout terms were subjected to a public vote, a move that threw Europe into deeper existential crisis.

Even though the referendum was won decisively by voters against austerity, the prime minister had little option but to ignore the result then agree to a rescue deal with creditors which proved to be even harsher.

Breaking Point

The ex-PM claimed how he started questioning Varoufakis quite early on.

“He was the face of the talks, the figure who drew media attention, who graced the front pages of publications the world over … it seemed he was enjoying the spotlight.”

When the minister outlined a contingency plan involving establishing a parallel currency and distributing vouchers to pensioners, Tsipras said he realised it was game over and asked Varoufakis: “Are you serious?”

Enduring Criticism

In the memoir, Tsipras concludes how Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and sensitive management.”

Tsipras further wrote that his aggressive approach left him increasingly isolated among peers, put Greece at risk, while assisted hardliners that were pushing for a Greek exit from the euro.

The account of history has provoked anger and shock among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.