Ex-PM Alexis Tsipras Asserts Varoufakis Was ‘Unfit’ for the role of Greek Finance Minister During Financial Meltdown

Within his newly released autobiography, titled Ithaki, the former premier Alexis Tsipras pulls no punches as he revisits that turbulent period during Greece's economic turmoil.

An Unconventional Appointment

As per the ex-PM's version, Tsipras appointed the maverick economist Varoufakis to be his treasury head mainly because of the latter's worldwide fame along with his highly compelling abilities as a communicator.

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

Clashing Agendas

The former leader claims that Varoufakis had a personal agenda which involved advancing his publications and testing out his game theories on the nation rather than truly fighting for the country's financial survival.

He explained that those talks to avoid bankruptcy became “not only a way of achieving improved terms for Greece. They became an experiment, a monumental chance to demonstrate the validity of his theories.”

High-Stakes Talks

Amid volatile negotiations, the country came dangerously close to exiting the eurozone.

At stake was not only the country's future and those punishing austerity policies required in exchange for bailout funds by international creditors.

Unsuccessful Options

Efforts to find funds from other sources, including an urgent appeal to Russia to purchase Greek bonds, were rejected.

Assisting Greece would be equivalent to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.

Public Vote Followed by U-Turn

In July 2015, those excoriating bailout terms were put to a public vote, a move that threw the EU into a deeper existential crisis.

Even though the vote was won resoundingly by those who opposed the cuts, the prime minister was forced to ignore the result and agree to a bailout package with foreign lenders that proved to be tougher.

Breaking Point

Tsipras revealed how he started questioning his finance minister quite early on.

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

After the minister proposed a backup strategy involving establishing a parallel currency and issuing coupons to retirees, Tsipras knew it was the end and asked Varoufakis: “Is this for real?”

Enduring Criticism

Within the book, Tsipras concludes how his former ally had proved himself “unfit for a deal demanding complex and delicate handling.”

Tsipras also claimed how his aggressive style made him more and more alone among peers, endangered the country, while helped hardliners who were advocating Grexit.

The retelling of events has provoked fury and stunned disbelief among certain groups, whereas the former minister has maintained a deafening silence regarding these claims.

Paul Cole
Paul Cole

Aria Sterling is a luxury travel expert and lifestyle curator with over a decade of experience exploring exclusive destinations worldwide.