Former Prime Minister Alexis Tsipras Claims Yanis Varoufakis Was ‘Unsuitable’ as Greece's Finance Minister Amid Debt Crisis

In a recently unveiled memoir, titled Ithaki, the ex- leader Tsipras pulls no punches while he examines the turbulent era during Greece's economic turmoil.

A Controversial Appointment

In Tsipras's version, Tsipras chose the maverick economist Varoufakis as the treasury head mainly because of his global profile along with his highly compelling abilities as a communicator.

“In reality, he was, in reality, more like a celebrity and less of an economist,” stated Tsipras.

Conflicting Agendas

Tsipras claims that Varoufakis possessed his own agenda which included advancing Varoufakis's publications as well as testing out his own theories on Greece rather than truly fighting for the country's economic stability.

He wrote that those discussions to prevent insolvency became “not only a way of achieving a better deal for the country. They became a test, a monumental opportunity to demonstrate the truth of his ideas.”

Critical Negotiations

Amid rollercoaster discussions, the country found itself perilously close to exiting the single currency area.

At stake was not only the country's destiny but also the punishing austerity measures required in exchange for financial aid from international creditors.

Unsuccessful Options

Efforts to secure funds from other sources, including a desperate appeal to Russia to purchase Greek government bonds, went unanswered.

Helping Greece was tantamount to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.

Public Vote Followed by U-Turn

That summer, those harsh bailout terms were put to a popular referendum, a move which plunged Europe into deeper existential crisis.

Even though the vote was won resoundingly by voters against the cuts, Tsipras had little option to reject its outcome then agree to a rescue deal with foreign lenders that proved to be more severe.

Final Straw

Tsipras claimed how he started questioning Varoufakis relatively soon.

“He was the public image of negotiation, the man who drew publicity, who graced the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”

When the minister proposed a backup strategy involving creating a parallel currency as well as issuing vouchers to retirees, Tsipras said he realised it was game over and asked Varoufakis: “Is this for real?”

Lasting Criticism

Within the book, the author concludes how Varoufakis had proved himself to be “unfit for an agreement that required complex and sensitive handling.”

He also wrote how his aggressive style made him increasingly isolated among peers, endangered the country, while helped hawks who were pushing for a Greek exit from the euro.

The account of history has been met with fury and stunned disbelief among certain groups, while Varoufakis has so far kept a deafening silence on the matter.

Daniel Williams
Daniel Williams

A blockchain analyst and crypto enthusiast with over 7 years of experience in digital asset management and staking protocols.