Ex-PM Tsipras Claims Varoufakis Was ‘Unfit’ as Greece's Finance Minister During Financial Meltdown

Within his recently unveiled autobiography, titled Ithaki, the ex- prime minister Tsipras does not hold back as he reflects on that turbulent period during Greece's economic turmoil.

An Unconventional Appointment

According to Tsipras's recollections, Tsipras selected the maverick academic Varoufakis to be his finance minister mainly due to his international reputation and Varoufakis's very persuasive abilities as a public orator.

“He was, truthfully, more of a star rather than an economist,” wrote Tsipras.

Conflicting Priorities

Tsipras alleges how his finance chief possessed his own motives which involved advancing his publications as well as experimenting with his own theories using the nation instead of genuinely fighting for the country's economic stability.

He wrote how the negotiations to prevent bankruptcy were “not just a method of achieving improved terms for Greece. They were an experiment, an historic chance to demonstrate the truth of his ideas.”

High-Stakes Talks

Amid volatile negotiations, the country came perilously on the brink of leaving the eurozone.

At stake was both the country's future and those punishing austerity measures required in exchange for bailout funds by international creditors.

Unsuccessful Options

Efforts to find financing elsewhere, including an urgent plea to Russia to buy Greek bonds, went unanswered.

Helping the indebted country would be tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.

Public Vote Followed by Reversal

That summer, those excoriating conditions were put to a public vote, an action which plunged the EU into further crisis of identity.

Although the referendum was won decisively by those who opposed the cuts, Tsipras was forced to reject its outcome then negotiate a bailout package from creditors that proved to be more severe.

Breaking Point

Tsipras claimed how he began to doubt Varoufakis quite early on.

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

When the minister proposed a backup strategy involving establishing a parallel currency as well as distributing coupons to retirees, the leader said he realised it was game over and asked Varoufakis: “Is this for real?”

Enduring Criticism

In the book, the author asserts how his former ally had proved himself “unsuitable for an agreement that required complex and sensitive management.”

He further wrote that his confrontational style made him increasingly isolated with colleagues, endangered the country, and helped hardliners that were advocating Grexit.

The account of events has been met with fury and shock among certain groups, while the former minister has maintained a deafening silence regarding these claims.

Patricia Buchanan
Patricia Buchanan

Elena is a seasoned web developer and tech writer, passionate about creating efficient and innovative digital solutions.