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

Within his recently unveiled autobiography, titled Ithaki, the ex- leader Tsipras pulls no punches while he examines that chaotic period during Greece's economic turmoil.

A Controversial Appointment

According to the ex-PM's version, Tsipras chose that unorthodox economist Yanis Varoufakis as the finance minister largely because of the latter's worldwide fame along with his highly compelling skills as a communicator.

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

Clashing Priorities

Tsipras claims that Varoufakis possessed his own motives which included promoting his publications and experimenting with his own theories using the nation instead of genuinely fighting for the country's financial survival.

He wrote that those talks to stave off insolvency were “not just a way to secure a better deal for the country. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's economic theories.”

High-Stakes Negotiations

Amid tense discussions, Greece came perilously on the brink of exiting the single currency area.

On the line was not only Greece's destiny and those harsh austerity policies demanded in return for rescue loans from international creditors.

Failed Alternatives

Attempts to secure financing from other sources, including a desperate appeal to Russia to buy Greek bonds, went unanswered.

Helping Greece was equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.

Public Vote Followed by Reversal

That summer, the excoriating bailout terms were put to a public vote, an action that plunged the EU into a further existential crisis.

Although the referendum was won resoundingly by those against the cuts, the prime minister had little option to ignore the result then agree to a rescue deal from creditors which proved to be more severe.

Breaking Point

The ex-PM claimed how he began to doubt Varoufakis quite early on.

“He was the public image of negotiation, the figure who attracted media attention, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”

After the minister outlined a contingency plan involving establishing a parallel currency and distributing coupons to pensioners, Tsipras knew that it was game over questioning him: “Is this for real?”

Enduring Rebuke

In the book, Tsipras concludes that his former ally demonstrated himself to be “unsuitable for an agreement demanding complex and sensitive management.”

He further claimed how Varoufakis's confrontational style made him more and more alone among peers, endangered the country, and helped hardliners who were advocating Grexit.

This retelling of history has provoked anger along with stunned disbelief in some quarters, while the former minister has so far kept a deafening silence on the matter.