Former Prime Minister Tsipras States Varoufakis Proved ‘Unsuitable’ for the role of Greece's Treasury Chief During Financial Meltdown

In a freshly published memoir, titled Ithaki, the former premier Alexis Tsipras pulls no punches while he reflects on the turbulent period of Greece's financial crisis.

A Controversial Choice

As per the ex-PM's recollections, he chose that maverick academic Varoufakis as the finance minister largely because of his international reputation and Varoufakis's “extremely attractive” abilities when it came to public orator.

“He was, actually, more of a celebrity rather than an economist,” wrote the 51-year-old.

Conflicting Priorities

The former leader suggests that his finance chief possessed his own agenda that included promoting Varoufakis's books and testing out his own game theories on Greece rather than truly advocating the country's financial survival.

Tsipras explained that the discussions to avoid insolvency were “not just a way to secure improved terms for the country. They were an experiment, an historic chance to demonstrate the truth of his theories.”

High-Stakes Negotiations

Amid tense negotiations, the country came perilously close to exiting the eurozone.

On the line was not only the country's future but also the severe austerity policies required in return for bailout funds by foreign lenders.

Failed Alternatives

Attempts to find financing from other sources, such as an urgent plea to the Kremlin to buy Greek bonds, were rejected.

Helping Greece was equivalent to throwing money in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.

Referendum and Reversal

In July 2015, those harsh bailout terms were subjected to a public vote, a move that threw Europe into a further crisis of identity.

Although the vote was won decisively by voters against austerity, the prime minister was forced but to reject its outcome and negotiate a rescue deal from foreign lenders that turned out to be tougher.

Breaking Point

Tsipras claimed how he started questioning Varoufakis relatively soon.

“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the front pages of magazines globally … he gave the impression he was enjoying his new role.”

After Varoufakis proposed a backup strategy involving establishing a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised that it was the end and asked him: “Are you serious?”

Enduring Rebuke

In the book, Tsipras concludes that his former ally had proved himself to be “unsuitable for a deal demanding intricate and sensitive handling.”

He also claimed how Varoufakis's confrontational approach made him increasingly isolated among peers, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.

The retelling of history has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.