Former Prime Minister Tsipras States Varoufakis Was ‘Inappropriate’ for the role of Greece's Treasury Chief Amid Financial Meltdown

In a freshly published autobiography, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he examines the turbulent era of Greece's debt drama.

A Controversial Choice

According to Tsipras's version, Tsipras appointed that maverick economist Yanis Varoufakis to be the finance minister largely because of his worldwide fame and Varoufakis's “extremely attractive” skills as a public orator.

“In reality, he was, actually, more like a celebrity and less of an economic expert,” recalled Tsipras.

Conflicting Agendas

Tsipras alleges how Varoufakis possessed a personal motives that included advancing Varoufakis's books as well as experimenting with his economic models using the nation instead of genuinely fighting for the country's financial survival.

Tsipras explained that the negotiations to avoid bankruptcy became “not just a way of achieving a better deal for the country. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's ideas.”

High-Stakes Talks

Amid volatile discussions, Greece came perilously on the brink of exiting the eurozone.

At stake lay not only the country's destiny and the severe austerity measures demanded in exchange for rescue loans by international creditors.

Unsuccessful Alternatives

Efforts to find financing elsewhere, such as an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.

Helping Greece would be tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras in Moscow.

Referendum and U-Turn

In July 2015, those excoriating conditions were put to a public vote, a move which plunged the EU into a deeper existential crisis.

Although the referendum was won resoundingly by voters who opposed austerity, the prime minister had little option but to ignore the result then negotiate a rescue deal with foreign lenders which turned out to be tougher.

Breaking Point

Tsipras claimed that he started questioning Varoufakis relatively soon.

“Varoufakis was the face of the talks, the figure who drew media attention, who graced the front pages of publications the world over … he gave the impression he relished the spotlight.”

When the minister proposed a contingency plan involving creating a secondary currency and distributing vouchers to retirees, the leader knew it was game over and asked him: “Are you serious?”

Enduring Rebuke

In the book, the author asserts that Varoufakis had proved himself “unfit for an agreement that required intricate and sensitive handling.”

He further claimed how Varoufakis's aggressive style left him more and more alone with colleagues, endangered the country, while helped hawks who were advocating a Greek exit from the euro.

The retelling of events has provoked anger and stunned disbelief among certain groups, whereas the former minister has maintained a deafening silence on the matter.

Cheyenne Hernandez
Cheyenne Hernandez

A seasoned tech strategist with over a decade of experience in digital transformation and business innovation across European markets.