Former Prime Minister Alexis Tsipras Asserts Yanis Varoufakis Proved ‘Unsuitable’ for the role of Greek Treasury Chief During Debt Crisis

In a recently unveiled autobiography, titled Ithaki, the ex- leader Tsipras pulls no punches as he examines that turbulent period of Greece's debt drama.

An Unconventional Choice

As per Tsipras's account, Tsipras selected that maverick academic Varoufakis to be the finance minister mainly due to the latter's worldwide fame along with Varoufakis's “extremely attractive” abilities when it came to communicator.

“In reality, he was, in reality, more like a celebrity and less of an economist,” recalled the 51-year-old.

Clashing Priorities

Tsipras suggests that his finance chief possessed a personal agenda which involved advancing his publications and testing out his own theories using the nation rather than genuinely advocating the country's economic stability.

Tsipras wrote how those discussions to prevent insolvency became “not just a way to secure improved terms for Greece. They became a test, an historic chance to prove the truth of Varoufakis's ideas.”

High-Stakes Negotiations

During tense negotiations, Greece came perilously on the brink of exiting the eurozone.

At stake lay not only Greece's destiny and the severe austerity measures demanded in return for bailout funds by international creditors.

Failed Alternatives

Attempts to secure funds elsewhere, including an urgent plea to Russia to buy Greek bonds, were rejected.

Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader reportedly informed Tsipras in Moscow.

Referendum and Reversal

In July 2015, the excoriating conditions were put to a popular referendum, an action which threw the EU into a deeper crisis of identity.

Although the vote was carried resoundingly by voters against the cuts, Tsipras was forced to ignore the result and agree to a rescue deal with foreign lenders that proved to be tougher.

Final Straw

The ex-PM revealed that he started questioning his finance minister quite early on.

“He was the public image of negotiation, the figure who drew media attention, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”

After the minister proposed a contingency plan that included establishing a secondary currency and issuing coupons to retirees, Tsipras knew that it was game over and asked him: “Can you be serious?”

Lasting Criticism

Within the book, Tsipras asserts that his former ally had proved himself to be “unsuitable for a deal demanding intricate and delicate management.”

He also claimed how Varoufakis's aggressive style made him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were advocating Grexit.

The retelling of events has provoked fury along with shock among certain groups, while Varoufakis has kept a deafening silence on the matter.

Joseph Fleming
Joseph Fleming

Maya Chen is a digital strategist with over 8 years of experience in SEO and content marketing, helping brands achieve online visibility.

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