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

In a newly released autobiography, named Ithaki, the ex- prime minister Tsipras pulls no punches while he revisits the chaotic era during Greece's economic turmoil.

An Unconventional Choice

In Tsipras's version, he chose the unorthodox academic Varoufakis to be his finance minister largely due to the latter's international reputation along with Varoufakis's highly compelling abilities as a speaker.

“In reality, he was, in reality, more of a celebrity rather than an economic expert,” wrote the 51-year-old.

Clashing Agendas

The former leader alleges how his finance chief had his own agenda which involved promoting his books and experimenting with his own game theories using the nation instead of genuinely advocating its financial survival.

Tsipras explained that those negotiations to avoid insolvency became “not only a method of achieving a better deal for the country. They were a test, an historic chance to demonstrate the truth of Varoufakis's economic theories.”

Critical Negotiations

Amid rollercoaster negotiations, the country found itself dangerously on the brink of leaving the single currency area.

On the line was not only Greece's future but also the punishing austerity measures demanded in exchange for rescue loans by international creditors.

Unsuccessful Options

Attempts to find financing from other sources, such as a desperate appeal to the Kremlin to purchase Greek government bonds, went unanswered.

Helping the indebted country would be equivalent to tossing cash in the trash-can, Putin is reputed to have told Tsipras in Moscow.

Referendum and Reversal

That summer, those harsh conditions were put to a public vote, an action which plunged the EU into a deeper existential crisis.

Even though the vote was carried resoundingly by voters who opposed the cuts, Tsipras had little option to reject its outcome and negotiate a bailout package from foreign lenders that proved to be tougher.

Breaking Point

The ex-PM claimed how he started questioning Varoufakis relatively soon.

“He was the face of negotiation, the man who drew publicity, who appeared on the covers of magazines globally … it seemed he relished the spotlight.”

After Varoufakis proposed a backup strategy that included creating a secondary currency and distributing vouchers to pensioners, Tsipras knew that it was game over and asked him: “Is this for real?”

Lasting Rebuke

Within the book, the author asserts how Varoufakis had proved himself “unsuitable for an agreement that required intricate and sensitive management.”

Tsipras also wrote how his aggressive style left him more and more alone among peers, put Greece at risk, while helped hawks that were advocating a Greek exit from the euro.

This account of history has provoked anger and shock among certain groups, while Varoufakis has so far maintained a conspicuous quiet on the matter.