Ex-PM Alexis Tsipras Asserts Varoufakis Proved ‘Inappropriate’ as Greece's Treasury Chief During Financial Meltdown

Within his recently unveiled personal account, called Ithaki, the former leader Tsipras does not hold back as he revisits the chaotic period of Greece's financial crisis.

A Controversial Appointment

As per Tsipras's version, Tsipras chose that unorthodox economist Varoufakis as the treasury head largely because of his worldwide fame along with his highly compelling skills as a communicator.

“He was, truthfully, more of a star rather than an economist,” wrote the 51-year-old.

Clashing Priorities

The former leader claims how Varoufakis had a personal motives that included advancing Varoufakis's publications as well as experimenting with his own theories on Greece instead of genuinely fighting for its financial survival.

He wrote how those negotiations to prevent insolvency became “not only a way to secure improved terms for the country. They became a test, a monumental chance to prove the truth of Varoufakis's ideas.”

High-Stakes Negotiations

Amid tense negotiations, the country came dangerously close to leaving the eurozone.

At stake was both Greece's future but also those severe cutbacks required in exchange for rescue loans by international creditors.

Failed Options

Efforts to find funds elsewhere, such as an urgent plea to Russia to buy Greek government bonds, were rejected.

Helping the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.

Public Vote Followed by U-Turn

In July 2015, those excoriating bailout terms were put to a popular referendum, a move that plunged Europe into a further crisis of identity.

Although the referendum was carried resoundingly by voters against the cuts, the prime minister was forced to ignore the result then negotiate a bailout package with foreign lenders which proved to be tougher.

Final Straw

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

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

After the minister outlined a backup strategy involving creating a parallel currency and distributing coupons to retirees, Tsipras said he realised that it was game over questioning him: “Are you serious?”

Lasting Rebuke

In the memoir, the author concludes that his former ally demonstrated himself “unsuitable for an agreement that required intricate and sensitive management.”

He also wrote how Varoufakis's aggressive style left him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were pushing for a Greek exit from the euro.

This account of history has provoked fury along with stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.

Casey Griffin
Casey Griffin

A seasoned journalist with over 15 years of experience covering global politics and technology trends.