Former Prime Minister Tsipras Asserts Yanis Varoufakis Was ‘Unfit’ for the role of Greek Treasury Chief During Debt Crisis

Within his freshly published autobiography, called Ithaki, the former premier Tsipras pulls no punches as he reflects on the chaotic period of Greece's financial crisis.

An Unconventional Choice

According to Tsipras's version, he appointed the unorthodox economist Yanis Varoufakis to be the treasury head largely due to the latter's international reputation along with his highly compelling abilities when it came to communicator.

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

Clashing Agendas

The former leader alleges that Varoufakis possessed a personal agenda that involved advancing his books as well as experimenting with his own game theories using Greece instead of truly advocating the country's financial survival.

Tsipras explained how those discussions to prevent insolvency were “not just a method to secure improved terms for Greece. They became an experiment, an historic chance to prove the validity of Varoufakis's theories.”

Critical Negotiations

During rollercoaster discussions, Greece found itself dangerously on the brink of exiting the eurozone.

At stake lay not only Greece's future but also the severe cutbacks required in return for rescue loans by foreign lenders.

Failed Options

Efforts to find financing elsewhere, including an urgent appeal to the Kremlin to buy Greek bonds, were rejected.

Assisting Greece was equivalent to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.

Referendum Followed by U-Turn

That summer, those excoriating conditions were subjected to a popular referendum, a move which plunged the EU into deeper existential crisis.

Although the referendum was carried resoundingly by those against the cuts, Tsipras was forced but to reject its outcome then agree to a rescue deal from foreign lenders which turned out to be more severe.

Breaking Point

The ex-PM revealed that he began to doubt Varoufakis quite early on.

“Varoufakis was the face of the talks, the man who attracted publicity, who graced the covers of magazines the world over … it seemed he was enjoying his new role.”

When Varoufakis outlined a contingency plan involving creating a secondary currency as well as issuing vouchers to retirees, Tsipras said he realised that it was the end questioning him: “Are you serious?”

Lasting Criticism

In the memoir, Tsipras asserts that his former ally demonstrated himself to be “unsuitable for a deal that required complex and delicate management.”

He also claimed that Varoufakis's aggressive approach left him more and more alone among peers, endangered the country, while helped hawks that were advocating Grexit.

The retelling of events has provoked anger along with shock in some quarters, while Varoufakis has so far kept a deafening silence on the matter.