Former Prime Minister Tsipras States Varoufakis Was ‘Unfit’ for the role of Greece's Treasury Chief During Debt Crisis

Within his freshly published personal account, titled Ithaki, the former prime minister Tsipras pulls no punches as he revisits that chaotic era during Greece's financial crisis.

An Unconventional Choice

According to the ex-PM's account, Tsipras chose that maverick academic Varoufakis as the treasury head mainly due to the latter's global profile and Varoufakis's highly compelling skills as a speaker.

“He was, actually, more like a personality rather than an economic expert,” stated Tsipras.

Clashing Priorities

Tsipras suggests how Varoufakis possessed his own motives that involved promoting his books and experimenting with his own economic models using the nation rather than truly fighting for its economic stability.

He noted that the negotiations to prevent insolvency became “not only a way to secure a better deal for Greece. They became a test, a monumental opportunity to demonstrate the truth of his theories.”

Critical Talks

During tense discussions, Greece came perilously on the brink of exiting the eurozone.

At stake was both the country's future and those severe cutbacks required in exchange for financial aid by international creditors.

Failed Options

Attempts to find funds from other sources, including a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.

Assisting Greece would be tantamount to tossing cash in the trash-can, Putin is reputed to have told Tsipras in Moscow.

Referendum Followed by U-Turn

In July 2015, the excoriating bailout terms were subjected to a popular referendum, an action which threw the EU into further existential crisis.

Although the vote was carried resoundingly by those against the cuts, the prime minister was forced to ignore the result then agree to a rescue deal from creditors which turned out to be tougher.

Breaking Point

The ex-PM claimed how he started questioning Varoufakis relatively soon.

“Varoufakis was the public image of negotiation, the man who drew publicity, who appeared on the covers of magazines the world over … it seemed he was enjoying the spotlight.”

When Varoufakis proposed a contingency plan involving creating a parallel currency and issuing vouchers to retirees, the leader said he realised that it was the end questioning him: “Are you serious?”

Enduring Rebuke

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

Tsipras further wrote how his confrontational style made him more and more alone among peers, endangered the country, and helped hawks that were advocating Grexit.

This retelling of events has been met with fury and shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.