Ex-PM Tsipras States Varoufakis Proved ‘Unfit’ as Greek Treasury Chief Amid Financial Meltdown

Within his freshly published memoir, titled Ithaki, the ex- premier Tsipras spares no criticism while he reflects on that chaotic era of Greece's debt drama.

An Unconventional Appointment

In the ex-PM's recollections, he chose that unorthodox academic Varoufakis as his finance minister primarily because of the latter's international reputation and his very persuasive abilities when it came to speaker.

“In reality, he was, actually, more of a celebrity rather than an economic expert,” wrote the 51-year-old.

Clashing Agendas

The former leader claims that his finance chief possessed his own motives that involved advancing Varoufakis's publications and testing out his economic models on the nation instead of truly advocating the country's financial survival.

He wrote that the negotiations to avoid bankruptcy were “not only a way to secure improved terms for Greece. They became a test, a monumental chance to prove the validity of Varoufakis's economic theories.”

Critical Talks

During tense negotiations, Greece came dangerously on the brink of leaving the eurozone.

At stake lay both the country's destiny and the severe cutbacks required in exchange for rescue loans by international creditors.

Failed Options

Efforts to find financing from other sources, such as an urgent appeal to Russia to buy Greek government bonds, went unanswered.

Helping Greece would be equivalent to throwing money in the trash-can, Putin reportedly told Tsipras during their meeting.

Public Vote Followed by Reversal

That summer, those harsh conditions were subjected to a popular referendum, an action which plunged the EU into deeper crisis of identity.

Even though the vote was carried decisively by voters against the cuts, Tsipras had little option to ignore the result and agree to a rescue deal with foreign lenders which proved to be more severe.

Breaking Point

Tsipras revealed how he started questioning Varoufakis relatively soon.

“He was the face of negotiation, the man who attracted media attention, who graced the covers of publications globally … it seemed he relished the spotlight.”

After Varoufakis outlined a backup strategy that included creating a parallel currency and distributing vouchers to retirees, Tsipras knew it was game over and asked him: “Are you serious?”

Lasting Criticism

In the book, Tsipras asserts how Varoufakis had proved himself to be “unfit for an agreement demanding intricate and delicate handling.”

He also claimed how Varoufakis's confrontational approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners who were pushing for Grexit.

This account of history has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.

Sara Gonzales
Sara Gonzales

A tech enthusiast and digital strategist with over a decade of experience in analyzing emerging technologies and their impact on society.