Former Prime Minister Tsipras Claims Yanis Varoufakis Proved ‘Unsuitable’ for the role of Greek Treasury Chief Amid Financial Meltdown

In a newly released memoir, called Ithaki, the former premier Alexis Tsipras pulls no punches while he examines the turbulent period of Greece's financial crisis.

An Unconventional Appointment

As per the ex-PM's account, Tsipras chose that unorthodox economist Yanis Varoufakis to be the treasury head largely because of his global profile and his “extremely attractive” abilities as a speaker.

“He was, truthfully, more of a celebrity rather than an economist,” recalled Tsipras.

Clashing Priorities

The former leader alleges that his finance chief had a personal agenda that involved promoting his books as well as experimenting with his economic models using the nation instead of genuinely fighting for the country's financial survival.

He wrote that those discussions to stave off bankruptcy were “not only a way of achieving improved terms for the country. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's theories.”

Critical Talks

During volatile discussions, the country found itself dangerously close to leaving the single currency area.

On the line lay not only the country's destiny but also the punishing austerity measures demanded in exchange for rescue loans by international creditors.

Unsuccessful Options

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

Assisting Greece would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.

Referendum Followed by U-Turn

That summer, those harsh conditions were put to a popular referendum, a move that plunged Europe into a further crisis of identity.

Even though the referendum was won resoundingly by voters who opposed the cuts, the prime minister had little option but to reject its outcome then negotiate a bailout package from foreign lenders which turned out to be more severe.

Breaking Point

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

“He was the face of negotiation, the figure who drew publicity, who appeared on the front pages of magazines the world over … it seemed he relished the spotlight.”

When Varoufakis proposed a backup strategy involving establishing a secondary currency as well as issuing vouchers to pensioners, the leader knew that it was game over and asked him: “Is this for real?”

Enduring Criticism

In the memoir, Tsipras asserts that his former ally had proved himself “unsuitable for an agreement demanding intricate and delicate handling.”

He further wrote that his aggressive style left him increasingly isolated with colleagues, endangered the country, and assisted hawks who were pushing for Grexit.

The account of events has been met with anger along with stunned disbelief among certain groups, while Varoufakis has so far kept a conspicuous quiet on the matter.