Former Prime Minister Tsipras States Varoufakis Was ‘Inappropriate’ as Greece's Finance Minister During Debt Crisis

Within his recently unveiled memoir, named Ithaki, the ex- leader Alexis Tsipras pulls no punches while he revisits the turbulent period of Greece's economic turmoil.

An Unconventional Appointment

According to Tsipras's version, he appointed that maverick academic Yanis Varoufakis to be the finance minister largely due to the latter's international reputation and Varoufakis's “extremely attractive” skills as a communicator.

“In reality, he was, truthfully, more like a celebrity rather than an economic expert,” recalled the 51-year-old.

Clashing Agendas

The former leader claims how Varoufakis possessed a personal motives that involved promoting his books and testing out his own economic models on Greece rather than truly fighting for the country's economic stability.

Tsipras explained how those discussions to prevent bankruptcy were “not just a method of achieving a better deal for Greece. They became an experiment, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”

High-Stakes Talks

Amid volatile negotiations, Greece came perilously on the brink of exiting the eurozone.

At stake was both the country's destiny and those punishing austerity measures required in exchange for rescue loans by international creditors.

Failed Options

Attempts to secure funds elsewhere, such as an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.

Assisting Greece was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.

Referendum Followed by U-Turn

In July 2015, the harsh conditions were put to a popular referendum, an action that threw the EU into deeper crisis of identity.

Even though the vote was carried resoundingly by those who opposed the cuts, the prime minister had little option but to ignore the result and agree to a rescue deal from foreign lenders which proved to be even harsher.

Final Straw

The ex-PM claimed that he began to doubt Varoufakis quite early on.

“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”

When the minister outlined a backup strategy that included creating a secondary currency and issuing vouchers to retirees, Tsipras said he realised that it was game over questioning him: “Are you serious?”

Enduring Rebuke

In the book, the author concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding intricate and sensitive handling.”

Tsipras also claimed how Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, and assisted hardliners who were advocating Grexit.

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