Former Prime Minister Tsipras States Varoufakis Proved ‘Unfit’ for the role of Greece's Finance Minister Amid Financial Meltdown

Within his newly released autobiography, called Ithaki, the ex- leader Tsipras spares no criticism while he reflects on the chaotic era of Greece's debt drama.

A Controversial Appointment

As per the ex-PM's version, Tsipras selected that maverick economist Yanis Varoufakis to be the treasury head largely due to the latter's global profile along with Varoufakis's “extremely attractive” skills as a communicator.

“He was, truthfully, more like a star rather than an economist,” wrote the 51-year-old.

Clashing Agendas

Tsipras suggests how his finance chief had a personal agenda which involved advancing Varoufakis's books and testing out his game theories using Greece instead of truly fighting for the country's financial survival.

He noted how the negotiations to prevent bankruptcy were “not only a method to secure a better deal for the country. They were a test, a monumental opportunity to demonstrate the validity of Varoufakis's ideas.”

Critical Talks

Amid rollercoaster discussions, the country found itself perilously close to exiting the eurozone.

At stake lay both Greece's destiny but also the punishing austerity policies required in exchange for bailout funds from international creditors.

Unsuccessful Alternatives

Efforts to secure funds elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, were rejected.

Helping Greece would be equivalent to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.

Referendum and Reversal

That summer, the excoriating bailout terms were put to a public vote, a move that threw Europe into a further existential crisis.

Even though the vote was won resoundingly by those against the cuts, the prime minister was forced to reject its outcome and agree to a rescue deal from creditors that proved to be tougher.

Breaking Point

Tsipras claimed that he started questioning his finance minister relatively soon.

“He was the public image of the talks, the man who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he was enjoying the spotlight.”

When the minister proposed a backup strategy involving establishing a secondary currency and issuing vouchers to retirees, Tsipras knew that it was the end and asked him: “Are you serious?”

Lasting Rebuke

In the book, Tsipras asserts how Varoufakis had proved himself to be “unfit for a deal demanding complex and sensitive handling.”

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

This retelling of events has provoked fury and stunned disbelief among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.

Richard Baker
Richard Baker

A seasoned gambling analyst with over a decade of experience in casino gaming and strategy development.