Ex-PM Alexis Tsipras States Varoufakis Proved ‘Inappropriate’ as Greece's Finance Minister During Financial Meltdown

In a recently unveiled personal account, called Ithaki, the ex- prime minister Tsipras spares no criticism as he revisits the turbulent period of Greece's economic turmoil.

An Unconventional Appointment

As per the ex-PM's account, he selected the maverick academic Yanis Varoufakis as his finance minister mainly because of his global profile along with Varoufakis's very persuasive skills when it came to speaker.

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

Conflicting Priorities

The former leader claims how his finance chief had his own motives which involved promoting his books as well as experimenting with his theories on the nation instead of genuinely fighting for its financial survival.

Tsipras explained that those negotiations to avoid insolvency became “not only a method of achieving a better deal for the country. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's ideas.”

High-Stakes Talks

Amid volatile discussions, the country came dangerously on the brink of leaving the eurozone.

On the line was not only the country's future and those severe cutbacks required in return for financial aid by foreign lenders.

Unsuccessful Options

Attempts to find financing elsewhere, including an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.

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

Referendum and U-Turn

That summer, the excoriating conditions were subjected to a public vote, a move which threw Europe into a deeper existential crisis.

Even though the referendum was won resoundingly by voters who opposed the cuts, Tsipras was forced but to reject its outcome then agree to a rescue deal from creditors which proved to be tougher.

Final Straw

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

“He was the public image of the talks, the figure who drew media attention, who graced the covers of publications the world over … it seemed he relished his new role.”

After Varoufakis outlined a backup strategy that included establishing a parallel currency and distributing coupons to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Can you be serious?”

Lasting Rebuke

Within the book, Tsipras asserts that his former ally demonstrated himself to be “unsuitable for an agreement demanding complex and sensitive management.”

Tsipras also claimed that Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, and assisted hardliners that were advocating Grexit.

This retelling of history has been met with anger and shock among certain groups, whereas the former minister has so far kept a deafening silence regarding these claims.

Amanda Ali
Amanda Ali

Liam is a freelance journalist and father of two, passionate about sharing positive family narratives.