Former Prime Minister Tsipras States Varoufakis Proved ‘Unsuitable’ for the role of Greek Finance Minister During Debt Crisis

Within his freshly published autobiography, named Ithaki, the ex- premier Tsipras spares no criticism while he examines the turbulent period of Greece's economic turmoil.

An Unconventional Appointment

According to Tsipras's recollections, Tsipras chose that unorthodox academic Varoufakis as his treasury head primarily due to the latter's global profile along with his “extremely attractive” abilities as a communicator.

“He was, in reality, more like a personality and less of an economist,” recalled the 51-year-old.

Clashing Agendas

The former leader suggests that his finance chief had his own agenda that included advancing Varoufakis's publications as well as experimenting with his own game theories on the nation instead of genuinely advocating the country's economic stability.

He noted how the negotiations to prevent insolvency became “not only a way to secure a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”

Critical Negotiations

During volatile negotiations, Greece came dangerously on the brink of exiting the eurozone.

At stake was both Greece's future and the punishing austerity policies demanded in return for rescue loans from foreign lenders.

Failed Options

Attempts to secure funds from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.

Helping Greece would be tantamount to throwing money in the trash-can, Putin reportedly told his Greek counterpart during their meeting.

Referendum Followed by Reversal

That summer, the harsh conditions were put to a public vote, an action which plunged the EU into a deeper existential crisis.

Even though the vote was carried decisively by voters who opposed the cuts, the prime minister was forced to reject its outcome then agree to a bailout package from creditors which turned out to be even harsher.

Final Straw

Tsipras claimed how he began to doubt his finance minister relatively soon.

“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of publications globally … it seemed he relished the spotlight.”

After the minister outlined a contingency plan involving establishing a parallel currency and distributing coupons to retirees, Tsipras knew it was the end and asked him: “Are you serious?”

Lasting Rebuke

In the memoir, Tsipras asserts that Varoufakis had proved himself to be “unsuitable for a deal that required complex and delicate handling.”

He also claimed how his confrontational style made him increasingly isolated among peers, put Greece at risk, and assisted hardliners that were pushing for Grexit.

This account of history has provoked fury along with shock among certain groups, whereas the former minister has maintained a conspicuous quiet regarding these claims.

Jake Webster
Jake Webster

A UK-based tech journalist with over a decade of experience covering digital innovations and cybersecurity trends.

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