Ex-PM Alexis Tsipras Claims Varoufakis Was ‘Unsuitable’ as Greek Treasury Chief During Financial Meltdown

Within his recently unveiled autobiography, titled Ithaki, the former premier Tsipras pulls no punches while he revisits the chaotic era during Greece's economic turmoil.

An Unconventional Choice

In the ex-PM's account, he chose that unorthodox academic Varoufakis to be his treasury head primarily due to his global profile and Varoufakis's very persuasive skills when it came to public orator.

“In reality, he was, in reality, more like a personality and less of an economist,” wrote the 51-year-old.

Conflicting Priorities

The former leader claims that his finance chief possessed a personal motives which included promoting Varoufakis's books as well as experimenting with his own theories using Greece instead of truly advocating the country's economic stability.

He wrote how those negotiations to prevent bankruptcy became “not only a method to secure improved terms for Greece. They were a test, a monumental chance to prove the truth of his ideas.”

High-Stakes Talks

During rollercoaster negotiations, Greece came perilously on the brink of exiting the eurozone.

At stake was not only the country's future but also those harsh austerity policies required in return for bailout funds by international creditors.

Failed Options

Efforts to find financing from other sources, such as an urgent plea to Russia to purchase Greek bonds, fell on stony ground.

Helping Greece was equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.

Referendum Followed by U-Turn

In July 2015, those harsh conditions were put to a popular referendum, an action which plunged the EU into a deeper crisis of identity.

Although the vote was carried decisively by those against the cuts, Tsipras had little option but to reject its outcome and agree to a bailout package with foreign lenders which turned out to be tougher.

Final Straw

Tsipras revealed that he started questioning his finance minister relatively soon.

“Varoufakis was the face of the talks, the man who drew publicity, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”

When the minister outlined a contingency plan involving creating a parallel currency and distributing coupons to retirees, the leader said he realised that it was the end questioning him: “Is this for real?”

Enduring Rebuke

Within the memoir, the author asserts how his former ally had proved himself “unfit for a deal that required complex and delicate management.”

Tsipras further wrote that his confrontational style made him increasingly isolated with colleagues, endangered the country, and helped hardliners that were advocating Grexit.

The account of events has been met with anger along with shock in some quarters, while the former minister has so far kept a conspicuous quiet on the matter.