Former Prime Minister Alexis Tsipras Claims Yanis Varoufakis Proved ‘Unfit’ for the role of Greek Finance Minister During Financial Meltdown

Within his newly released autobiography, titled Ithaki, the ex- leader Tsipras does not hold back as he reflects on the turbulent period of Greece's financial crisis.

An Unconventional Choice

As per the ex-PM's account, he chose that maverick academic Varoufakis to be his finance minister mainly due to his global profile and his very persuasive skills as a public orator.

“In reality, he was, in reality, more of a star and less of an economic expert,” wrote the 51-year-old.

Conflicting Priorities

Tsipras alleges how his finance chief had his own motives that involved promoting Varoufakis's books as well as testing out his own economic models using the nation instead of genuinely fighting for the country's economic stability.

He wrote how those discussions to avoid bankruptcy were “not just a way of achieving improved terms for Greece. They were an experiment, a monumental chance to prove the validity of Varoufakis's economic theories.”

Critical Talks

During tense negotiations, Greece found itself perilously on the brink of leaving the eurozone.

At stake was both the country's future but also the severe austerity policies demanded in exchange for bailout funds from foreign lenders.

Unsuccessful Options

Efforts to secure funds from other sources, including a desperate appeal to Russia to purchase Greek bonds, went unanswered.

Helping Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.

Public Vote Followed by U-Turn

In July 2015, the punitive bailout terms were put to a public vote, an action which threw Europe into a further crisis of identity.

Even though the referendum was won decisively by voters against austerity, the prime minister was forced but to reject its outcome and negotiate a rescue deal with foreign lenders that turned out to be even harsher.

Breaking Point

The ex-PM claimed how he started questioning his finance minister relatively soon.

“He was the face of the talks, the figure who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he relished his new role.”

When Varoufakis outlined a backup strategy involving creating a secondary currency as well as issuing coupons to pensioners, Tsipras knew it was game over and asked Varoufakis: “Can you be serious?”

Lasting Criticism

Within the book, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for an agreement that required intricate and delicate management.”

He further wrote how his confrontational style left him increasingly isolated among peers, endangered the country, and assisted hardliners that were advocating Grexit.

The account of history has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has kept a deafening silence regarding these claims.

Carrie Thompson
Carrie Thompson

A seasoned technology consultant with over 15 years of experience in digital transformation and software engineering across European markets.