Former Prime Minister Alexis Tsipras Claims Varoufakis Proved ‘Unsuitable’ for the role of Greece's Finance Minister During Debt Crisis

Within his newly released autobiography, named Ithaki, the ex- premier Tsipras does not hold back while he reflects on the turbulent era of Greece's financial crisis.

An Unconventional Choice

As per Tsipras's recollections, Tsipras appointed the maverick academic Varoufakis as his treasury head mainly because of his worldwide fame and his very persuasive abilities when it came to communicator.

“He was, in reality, more like a celebrity and less of an economist,” stated Tsipras.

Clashing Agendas

The former leader alleges that his finance chief possessed his own motives which included advancing Varoufakis's publications and testing out his own theories on the nation instead of truly fighting for its financial survival.

He wrote how the negotiations to stave off insolvency became “not just a method to secure improved terms for the country. They were an experiment, an historic chance to prove the validity of Varoufakis's theories.”

Critical Negotiations

Amid rollercoaster negotiations, the country came dangerously on the brink of leaving the eurozone.

On the line lay both Greece's destiny and the severe austerity measures demanded in exchange for financial aid from international creditors.

Unsuccessful Alternatives

Attempts to secure funds from other sources, such as an urgent plea to Russia to buy Greek government bonds, went unanswered.

Helping the indebted country would be equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.

Public Vote Followed by Reversal

In July 2015, the punitive bailout terms were subjected to a public vote, a move which plunged Europe into a further crisis of identity.

Although the vote was carried decisively by voters against the cuts, Tsipras was forced to ignore the result then negotiate a bailout package with creditors that proved to be even harsher.

Breaking Point

Tsipras claimed how he began to doubt his finance minister quite early on.

“Varoufakis was the face of the talks, the figure who drew publicity, who appeared on the front pages of publications globally … he gave the impression he was enjoying the spotlight.”

After Varoufakis outlined a backup strategy involving creating a parallel currency as well as issuing coupons to retirees, Tsipras knew that it was the end questioning him: “Is this for real?”

Enduring Criticism

Within the memoir, the author asserts that his former ally demonstrated himself “unfit for an agreement demanding complex and sensitive handling.”

He further wrote that Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.

The retelling of events has been met with fury along with stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.