Ex-PM Tsipras Asserts Varoufakis Proved ‘Unfit’ for the role of Greek Finance Minister During Debt Crisis

In a newly released memoir, called Ithaki, the ex- premier Alexis Tsipras spares no criticism while he examines the turbulent era during Greece's economic turmoil.

A Controversial Appointment

According to the ex-PM's account, Tsipras appointed the maverick academic Varoufakis as the treasury head primarily because of the latter's worldwide fame and his very persuasive abilities when it came to public orator.

“He was, actually, more like a personality and less of an economic expert,” stated Tsipras.

Clashing Agendas

Tsipras claims that Varoufakis possessed a personal motives which included promoting his books and testing out his own theories using Greece rather than truly fighting for its economic stability.

He wrote that those discussions to stave off insolvency became “not only a way to secure improved terms for Greece. They were an experiment, a monumental chance to prove the truth of his theories.”

Critical Negotiations

Amid tense discussions, Greece found itself dangerously on the brink of leaving the single currency area.

On the line lay not only Greece's future but also the punishing cutbacks demanded in return for rescue loans by foreign lenders.

Failed Alternatives

Attempts to find funds from other sources, such as an urgent plea to Russia to buy Greek bonds, fell on stony ground.

Assisting Greece was tantamount to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.

Public Vote and U-Turn

That summer, the excoriating bailout terms were subjected to a popular referendum, a move which threw Europe into a further crisis of identity.

Although the vote was won decisively by voters against the cuts, the prime minister was forced to ignore the result and agree to a bailout package with creditors that proved to be even harsher.

Final Straw

The ex-PM revealed that he started questioning his finance minister quite early on.

“He was the public image of negotiation, the man who attracted media attention, who appeared on the covers of publications globally … he gave the impression he was enjoying his new role.”

When the minister outlined a contingency plan involving establishing a parallel currency and issuing coupons to retirees, the leader knew it was the end and asked him: “Are you serious?”

Lasting Rebuke

In the memoir, the author asserts how his former ally demonstrated himself to be “unfit for a deal that required intricate and delicate handling.”

Tsipras also claimed how his confrontational style made him more and more alone with colleagues, put Greece at risk, while helped hardliners who were pushing for Grexit.

This retelling of events has been met with fury along with shock among certain groups, whereas the former minister has maintained a conspicuous quiet on the matter.

Christine Morris
Christine Morris

Elara Vance is an astrophysicist and science communicator passionate about making space science accessible to everyone through engaging writing.

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