Former Prime Minister Alexis Tsipras States Varoufakis Was ‘Unfit’ as Greek Finance Minister During Debt Crisis

In a freshly published personal account, named Ithaki, the ex- leader Alexis Tsipras does not hold back as he revisits the chaotic period of Greece's debt drama.

A Controversial Appointment

As per the ex-PM's recollections, Tsipras appointed the maverick academic Varoufakis as the treasury head mainly because of the latter's global profile along with his very persuasive abilities as a public orator.

“He was, in reality, more of a personality and less of an economic expert,” stated the 51-year-old.

Conflicting Priorities

Tsipras suggests how his finance chief possessed a personal agenda which involved advancing Varoufakis's books as well as experimenting with his economic models on Greece rather than genuinely fighting for the country's economic stability.

Tsipras wrote how the talks to stave off insolvency were “not just a way to secure a better deal for Greece. They were a test, a monumental opportunity to prove the validity of his ideas.”

Critical Negotiations

Amid volatile negotiations, Greece came perilously on the brink of exiting the single currency area.

At stake lay both the country's future and those harsh austerity policies required in return for bailout funds from international creditors.

Unsuccessful Alternatives

Attempts to find funds elsewhere, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.

Assisting Greece would be tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.

Referendum Followed by Reversal

In July 2015, the punitive conditions were put to a public vote, an action that threw Europe into deeper crisis of identity.

Although the vote was carried resoundingly by those who opposed the cuts, Tsipras had little option but to ignore the result then agree to a bailout package from creditors which turned out to be tougher.

Final Straw

The ex-PM revealed that he began to doubt Varoufakis relatively soon.

“He was the public image of negotiation, the figure who drew media attention, who appeared on the front pages of publications the world over … he gave the impression he relished the spotlight.”

When Varoufakis proposed a backup strategy involving creating a parallel currency as well as issuing vouchers to pensioners, Tsipras knew it was the end questioning him: “Is this for real?”

Enduring Criticism

In the book, the author asserts how his former ally had proved himself to be “unfit for an agreement demanding intricate and sensitive handling.”

He also claimed that his aggressive approach made him increasingly isolated with colleagues, endangered the country, and helped hawks who were pushing for a Greek exit from the euro.

This retelling of events has been met with anger along with shock in some quarters, while Varoufakis has maintained a deafening silence regarding these claims.