Ex-PM Tsipras Asserts Yanis Varoufakis Proved ‘Unfit’ as Greek Treasury Chief During Financial Meltdown

In a recently unveiled autobiography, called Ithaki, the ex- premier Tsipras pulls no punches while he revisits the chaotic period during Greece's economic turmoil.

A Controversial Choice

In Tsipras's recollections, he selected the maverick academic Varoufakis as his finance minister mainly due to the latter's international reputation along with his very persuasive abilities as a speaker.

“He was, in reality, more like a celebrity rather than an economist,” wrote Tsipras.

Clashing Agendas

The former leader alleges how Varoufakis had his own agenda which included promoting his publications as well as testing out his own game theories on the nation rather than genuinely fighting for its financial survival.

He wrote how the talks to avoid insolvency were “not just a way of achieving a better deal for Greece. They became a test, a monumental opportunity to prove the validity of Varoufakis's ideas.”

Critical Talks

Amid volatile negotiations, the country found itself perilously close to exiting the single currency area.

On the line lay not only the country's future but also those harsh austerity policies demanded in exchange for rescue loans from international creditors.

Unsuccessful Alternatives

Attempts to secure funds elsewhere, including an urgent plea to the Kremlin to purchase Greek government bonds, were rejected.

Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.

Referendum and Reversal

That summer, those harsh conditions were put to a public vote, an action that threw Europe into further crisis of identity.

Even though the vote was carried decisively by voters against austerity, the prime minister had little option but to reject its outcome then negotiate a bailout package from foreign lenders that turned out to be even harsher.

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 attracted publicity, who graced the covers of publications globally … it seemed he relished the spotlight.”

When the minister outlined a backup strategy that included establishing a secondary currency as well as issuing vouchers to retirees, the leader said he realised that it was game over questioning Varoufakis: “Is this for real?”

Lasting Criticism

In the book, the author asserts that Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and sensitive management.”

Tsipras also wrote how Varoufakis's confrontational style made him more and more alone with colleagues, endangered the country, while helped hawks that were advocating a Greek exit from the euro.

This retelling of events has been met with anger along with stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.

Joseph Navarro
Joseph Navarro

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