Former Prime Minister Tsipras Asserts Varoufakis Was ‘Unsuitable’ for the role of Greece's Treasury Chief Amid Debt Crisis

Within his freshly published memoir, titled Ithaki, the ex- prime minister Tsipras pulls no punches while he reflects on the turbulent era during Greece's financial crisis.

An Unconventional Choice

In Tsipras's version, he chose that unorthodox academic Varoufakis to be the finance minister largely because of the latter's international reputation and Varoufakis's highly compelling skills as a public orator.

“In reality, he was, truthfully, more of a personality and less of an economic expert,” stated Tsipras.

Clashing Agendas

Tsipras claims how Varoufakis had his own agenda that involved advancing his publications and testing out his own economic models using Greece rather than genuinely fighting for its financial survival.

He noted that the talks to avoid insolvency became “not just a method of achieving a better deal for Greece. They became a test, a monumental opportunity to prove the truth of Varoufakis's ideas.”

High-Stakes Negotiations

During tense discussions, Greece came perilously on the brink of leaving the single currency area.

On the line was not only the country's destiny and the harsh austerity measures required in exchange for bailout funds from foreign lenders.

Failed Alternatives

Efforts to find funds elsewhere, including a desperate plea to Russia to purchase Greek bonds, were rejected.

Helping the indebted country would be tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.

Referendum Followed by U-Turn

That summer, the punitive conditions were put to a popular referendum, a move that plunged Europe into further crisis of identity.

Although the vote was won decisively by voters who opposed the cuts, the prime minister had little option but to ignore the result then negotiate a rescue deal with foreign lenders which turned out to be more severe.

Final Straw

Tsipras revealed that he began to doubt his finance minister quite early on.

“Varoufakis was the public image of negotiation, the man who attracted media attention, who graced the covers of magazines globally … he gave the impression he was enjoying his new role.”

After Varoufakis outlined a contingency plan involving creating a secondary currency as well as issuing coupons to retirees, the leader knew that it was the end and asked Varoufakis: “Is this for real?”

Enduring Rebuke

Within the memoir, the author asserts how Varoufakis demonstrated himself “unfit for a deal demanding intricate and delicate management.”

He also claimed how Varoufakis's confrontational style left him more and more alone among peers, endangered the country, while helped hardliners that were advocating Grexit.

The account of history has provoked fury along with shock in some quarters, while Varoufakis has maintained a conspicuous quiet regarding these claims.