Ex-PM Tsipras Claims Varoufakis Was ‘Unfit’ as Greece's Treasury Chief Amid Financial Meltdown

In a newly released memoir, called Ithaki, the former prime minister Tsipras spares no criticism as he examines the chaotic era during Greece's debt drama.

An Unconventional Choice

According to Tsipras's account, he chose that maverick academic Varoufakis as the treasury head mainly because of the latter's worldwide fame along with Varoufakis's “extremely attractive” skills when it came to communicator.

“In reality, he was, in reality, more of a celebrity rather than an economist,” recalled Tsipras.

Clashing Priorities

Tsipras alleges that Varoufakis had a personal agenda that involved advancing his publications as well as testing out his own economic models on the nation rather than genuinely fighting for the country's financial survival.

Tsipras explained how the discussions to prevent bankruptcy were “not just a method of achieving a better deal for the country. They became an experiment, a monumental chance to prove the truth of his theories.”

High-Stakes Talks

During volatile discussions, the country came perilously on the brink of leaving the single currency area.

On the line was both Greece's destiny but also those severe austerity policies required in return for bailout funds by international creditors.

Unsuccessful Alternatives

Efforts to secure financing elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.

Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.

Public Vote and U-Turn

In July 2015, those punitive bailout terms were subjected to a public vote, a move that threw the EU into further crisis of identity.

Although the referendum was won decisively by those who opposed austerity, Tsipras was forced but to ignore the result and agree to a bailout package from creditors which turned out to be even harsher.

Final Straw

The ex-PM claimed that he began to doubt his finance minister relatively soon.

“He was the public image of the talks, the figure who attracted media attention, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”

When the minister proposed a backup strategy involving establishing a parallel currency and distributing coupons to retirees, Tsipras said he realised it was game over questioning Varoufakis: “Are you serious?”

Lasting Rebuke

In the book, Tsipras asserts that his former ally had proved himself to be “unsuitable for a deal that required complex and sensitive handling.”

He further wrote how his confrontational style left him more and more alone with colleagues, put Greece at risk, and helped hardliners that were advocating a Greek exit from the euro.

This account of history has been met with anger along with shock in some quarters, while the former minister has so far kept a conspicuous quiet on the matter.