Ex-PM Tsipras Claims Yanis Varoufakis Proved ‘Unsuitable’ as Greek Treasury Chief Amid Debt Crisis

In a recently unveiled personal account, named Ithaki, the ex- premier Alexis Tsipras spares no criticism while he revisits that turbulent era of Greece's financial crisis.

An Unconventional Choice

As per Tsipras's recollections, Tsipras chose that maverick economist Varoufakis as his treasury head largely because of his global profile and his highly compelling abilities as a speaker.

“In reality, he was, actually, more like a celebrity rather than an economic expert,” wrote the 51-year-old.

Clashing Agendas

The former leader suggests that Varoufakis had a personal agenda which included promoting his books and testing out his own game theories using Greece rather than truly fighting for the country's economic stability.

Tsipras explained how the talks to stave off insolvency were “not just a method to secure a better deal for the country. They were a test, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”

Critical Negotiations

During tense negotiations, Greece found itself dangerously on the brink of exiting the eurozone.

At stake lay both the country's future and the punishing cutbacks required in exchange for rescue loans by foreign lenders.

Failed Options

Attempts to find funds from other sources, including an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.

Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader reportedly told Tsipras during their meeting.

Referendum and Reversal

In July 2015, the excoriating conditions were subjected to a popular referendum, a move which threw Europe into further crisis of identity.

Even though the referendum was carried decisively by voters who opposed the cuts, the prime minister had little option but to reject its outcome and negotiate a bailout package with creditors which turned out to be tougher.

Final Straw

The ex-PM revealed that he started questioning Varoufakis quite early on.

“Varoufakis was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”

When the minister proposed a contingency plan involving creating a parallel currency and issuing coupons to retirees, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”

Enduring Criticism

In the memoir, Tsipras concludes that his former ally demonstrated himself to be “unfit for an agreement that required intricate and delicate handling.”

Tsipras further claimed that his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were pushing for Grexit.

The account of events has been met with fury and shock in some quarters, while Varoufakis has so far kept a deafening silence regarding these claims.