Ex-PM Alexis Tsipras Asserts Yanis Varoufakis Was ‘Unfit’ as Greek Treasury Chief Amid Financial Meltdown

In a recently unveiled autobiography, titled Ithaki, the ex- leader Alexis Tsipras spares no criticism as he revisits the chaotic era of Greece's financial crisis.

An Unconventional Appointment

According to Tsipras's account, Tsipras selected the maverick economist Varoufakis as his treasury head primarily due to his worldwide fame and Varoufakis's highly compelling abilities as a public orator.

“He was, in reality, more of a star rather than an economist,” stated Tsipras.

Conflicting Priorities

Tsipras claims how Varoufakis had a personal agenda which included advancing his books and experimenting with his own economic models using Greece rather than truly advocating its financial survival.

He wrote how those talks to stave off insolvency became “not just a way of achieving a better deal for Greece. They were a test, a monumental chance to prove the truth of Varoufakis's theories.”

High-Stakes Negotiations

Amid tense discussions, Greece found itself dangerously close to exiting the eurozone.

On the line was not only the country's destiny and the harsh austerity measures required in exchange for rescue loans by international creditors.

Unsuccessful Alternatives

Efforts to secure financing elsewhere, such as a desperate plea to Russia to purchase Greek bonds, went unanswered.

Assisting Greece was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.

Public Vote and Reversal

In July 2015, the harsh bailout terms were subjected to a public vote, an action which plunged the EU into a deeper existential crisis.

Even though the referendum was won resoundingly by voters who opposed austerity, Tsipras was forced to reject its outcome and agree to a rescue deal from creditors which proved to be more severe.

Final Straw

The ex-PM revealed how he began to doubt his finance minister quite early on.

“He was the face of negotiation, the man who drew publicity, who graced the front pages of publications the world over … it seemed he was enjoying his new role.”

After Varoufakis outlined a backup strategy that included establishing a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised it was game over questioning him: “Can you be serious?”

Enduring Rebuke

Within the book, the author asserts that his former ally demonstrated himself to be “unsuitable for a deal demanding complex and delicate handling.”

Tsipras further wrote how Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.

This retelling of history has been met with fury along with shock in some quarters, while the former minister has maintained a conspicuous quiet on the matter.