Former Prime Minister Alexis Tsipras States Yanis Varoufakis Proved ‘Unfit’ for the role of Greek Finance Minister Amid Debt Crisis

Within his freshly published memoir, called Ithaki, the ex- prime minister Tsipras does not hold back as he examines the chaotic period of Greece's economic turmoil.

A Controversial Choice

As per Tsipras's recollections, he chose the maverick academic Varoufakis as his finance minister primarily because of his worldwide fame along with his highly compelling abilities as a public orator.

“He was, actually, more like a celebrity and less of an economic expert,” wrote Tsipras.

Clashing Priorities

The former leader alleges how Varoufakis possessed a personal motives that included promoting his books as well as experimenting with his theories on Greece rather than genuinely advocating its financial survival.

He explained how the discussions to stave off bankruptcy became “not only a way of achieving a better deal for the country. They became a test, an historic chance to demonstrate the validity of his ideas.”

High-Stakes Negotiations

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

On the line lay not only Greece's destiny and those punishing austerity measures required in exchange for rescue loans by international creditors.

Failed Options

Attempts to secure financing elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, went unanswered.

Assisting the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly told Tsipras during their meeting.

Public Vote and U-Turn

That summer, those excoriating conditions were subjected to a public vote, a move that threw the EU into deeper crisis of identity.

Although the vote was carried resoundingly by voters against the cuts, Tsipras had little option to ignore the result and negotiate a bailout package from foreign lenders which turned out to be more severe.

Breaking Point

The ex-PM claimed that he began to doubt Varoufakis quite early on.

“He was the public image of negotiation, the figure who attracted publicity, who graced the covers of publications globally … he gave the impression he relished his new role.”

After the minister proposed a contingency plan that included creating a secondary currency as well as issuing vouchers to pensioners, the leader knew it was game over questioning him: “Is this for real?”

Lasting Criticism

Within the memoir, Tsipras asserts that his former ally demonstrated himself to be “unsuitable for an agreement demanding complex and sensitive handling.”

He further wrote that his confrontational style made him more and more alone among peers, endangered the country, and assisted hardliners that were advocating a Greek exit from the euro.

The retelling of history has been met with fury and stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.

Kimberly Turner
Kimberly Turner

Maya Chen is an urban gardener and sustainability advocate with over a decade of experience in community-based environmental projects.