Former Prime Minister Tsipras Asserts Yanis Varoufakis Proved ‘Unsuitable’ as Greek Finance Minister During Financial Meltdown

Within his newly released memoir, called Ithaki, the ex- leader Tsipras pulls no punches while he reflects on the chaotic era during Greece's financial crisis.

A Controversial Choice

In Tsipras's version, he appointed the maverick academic Varoufakis as his finance minister largely because of the latter's global profile and Varoufakis's very persuasive abilities as a speaker.

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

Conflicting Agendas

The former leader suggests how Varoufakis had his own motives that involved promoting Varoufakis's books as well as experimenting with his own economic models on Greece instead of truly fighting for the country's financial survival.

Tsipras wrote how the talks to stave off bankruptcy became “not just a method of achieving improved terms for Greece. They became a test, a monumental chance to demonstrate the validity of his theories.”

Critical Negotiations

Amid rollercoaster discussions, the country found itself dangerously on the brink of exiting the eurozone.

At stake was not only Greece's future and the punishing austerity measures required in return for financial aid from international creditors.

Unsuccessful Alternatives

Efforts to find funds from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.

Assisting Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.

Public Vote Followed by Reversal

In July 2015, the punitive conditions were subjected to a public vote, a move that plunged the EU into further existential crisis.

Although the vote was won decisively by voters who opposed austerity, the prime minister was forced to reject its outcome and agree to a rescue deal with foreign lenders that turned out to be more severe.

Final Straw

Tsipras revealed that he began to doubt his finance minister relatively soon.

“He was the face of the talks, the figure who drew media attention, who appeared on the covers of publications the world over … he gave the impression he was enjoying his new role.”

After Varoufakis proposed a contingency plan involving creating a parallel currency as well as issuing coupons to pensioners, Tsipras knew it was game over questioning Varoufakis: “Is this for real?”

Enduring Rebuke

In the memoir, Tsipras concludes how his former ally had proved himself to be “unfit for an agreement demanding intricate and sensitive handling.”

Tsipras also wrote that Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were pushing for Grexit.

This account of events has provoked fury along with shock in some quarters, while the former minister has kept a conspicuous quiet on the matter.