Ex-PM Tsipras Claims Varoufakis Proved ‘Inappropriate’ as Greek Finance Minister Amid Debt Crisis

Within his freshly published memoir, titled Ithaki, the former premier Alexis Tsipras pulls no punches while he revisits the chaotic era of Greece's financial crisis.

An Unconventional Choice

As per the ex-PM's recollections, Tsipras selected that unorthodox economist Yanis Varoufakis as his finance minister primarily due to the latter's worldwide fame and his “extremely attractive” abilities when it came to public orator.

“In reality, he was, truthfully, more like a star and less of an economist,” recalled the 51-year-old.

Conflicting Priorities

Tsipras alleges that Varoufakis had his own agenda that included promoting Varoufakis's books as well as experimenting with his theories using the nation rather than genuinely fighting for the country's economic stability.

Tsipras wrote how the negotiations to stave off bankruptcy were “not just a way of achieving a better deal for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of his ideas.”

High-Stakes Negotiations

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

At stake lay both Greece's future and the severe austerity measures required in exchange for financial aid by international creditors.

Failed Alternatives

Attempts to secure financing from other sources, such as an urgent appeal to Russia to buy Greek bonds, fell on stony ground.

Assisting Greece was equivalent to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.

Referendum Followed by U-Turn

In July 2015, those harsh bailout terms were subjected to a popular referendum, an action which plunged the EU into further existential crisis.

Even though the referendum was carried resoundingly by voters against austerity, the prime minister was forced to ignore the result and negotiate a rescue deal with foreign lenders which turned out to be tougher.

Breaking Point

The ex-PM claimed how he started questioning his finance minister quite early on.

“Varoufakis was the public image of the talks, the figure who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”

After Varoufakis outlined a contingency plan that included creating a parallel currency and issuing vouchers to retirees, Tsipras said he realised it was game over and asked him: “Is this for real?”

Lasting Rebuke

In the memoir, the author concludes how his former ally demonstrated himself to be “unsuitable for a deal that required complex and delicate handling.”

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

The account of events has been met with fury and shock among certain groups, whereas the former minister has maintained a deafening silence on the matter.