Former Prime Minister Alexis Tsipras States Yanis Varoufakis Was ‘Unfit’ as Greek Finance Minister During Financial Meltdown

In a recently unveiled autobiography, called Ithaki, the former leader Alexis Tsipras does not hold back as he examines the chaotic era of Greece's debt drama.

An Unconventional Choice

As per Tsipras's recollections, he selected the maverick economist Varoufakis as the finance minister mainly due to the latter's global profile along with his “extremely attractive” skills as a speaker.

“In reality, he was, actually, more like a personality rather than an economist,” stated Tsipras.

Conflicting Priorities

The former leader claims that Varoufakis possessed a personal agenda that involved advancing Varoufakis's publications as well as experimenting with his own economic models using Greece instead of genuinely advocating the country's economic stability.

Tsipras wrote how the talks to avoid insolvency were “not just a way of achieving a better deal for the country. They were an experiment, a monumental opportunity to prove the validity of his economic theories.”

Critical Talks

During tense negotiations, the country found itself dangerously close to exiting the eurozone.

On the line was both Greece's future and the punishing austerity policies required in exchange for financial aid by international creditors.

Unsuccessful Options

Attempts to find funds from other sources, including an urgent appeal to Russia to buy Greek bonds, were rejected.

Assisting the indebted country would be tantamount to throwing money in the trash-can, Putin is reputed to have informed Tsipras in Moscow.

Referendum Followed by Reversal

In July 2015, the punitive conditions were subjected to a popular referendum, a move that threw Europe into further existential crisis.

Although the vote was carried decisively by those against the cuts, the prime minister was forced to reject its outcome and negotiate a bailout package with foreign lenders that proved to be more severe.

Final Straw

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

“Varoufakis was the public image of the talks, the man who drew media attention, who appeared on the front pages of magazines globally … it seemed he was enjoying the spotlight.”

When Varoufakis proposed a backup strategy involving creating a secondary currency as well as issuing vouchers to pensioners, the leader knew that it was game over questioning Varoufakis: “Can you be serious?”

Lasting Criticism

In the book, the author asserts how Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and delicate management.”

Tsipras also wrote that Varoufakis's aggressive style made him increasingly isolated with colleagues, endangered the country, while assisted hawks who were advocating a Greek exit from the euro.

The retelling of events has been met with anger and stunned disbelief among certain groups, whereas Varoufakis has maintained a deafening silence regarding these claims.