Ex-PM Alexis Tsipras States Yanis Varoufakis Was ‘Inappropriate’ as Greece's Finance Minister During Financial Meltdown

Within his newly released personal account, called Ithaki, the former leader Tsipras spares no criticism as he examines the turbulent era of Greece's financial crisis.

A Controversial Appointment

As per the ex-PM's version, Tsipras selected the unorthodox academic Yanis Varoufakis as the treasury head largely due to the latter's international reputation and his “extremely attractive” skills as a speaker.

“In reality, he was, in reality, more like a personality rather than an economic expert,” wrote Tsipras.

Clashing Priorities

The former leader suggests how Varoufakis possessed his own agenda which included promoting Varoufakis's books as well as testing out his theories using the nation rather than truly advocating its economic stability.

Tsipras explained that the discussions to avoid bankruptcy were “not just a way of achieving improved terms for the country. They became an experiment, an historic opportunity to demonstrate the validity of his theories.”

Critical Negotiations

During rollercoaster discussions, the country came perilously on the brink of exiting the single currency area.

On the line was not only Greece's destiny but also those harsh austerity policies required in exchange for financial aid from international creditors.

Unsuccessful Options

Efforts to secure funds from other sources, including an urgent appeal to Russia to purchase Greek bonds, were rejected.

Assisting the indebted country was equivalent to throwing money in the trash-can, Putin is reputed to have informed Tsipras in Moscow.

Referendum and Reversal

In July 2015, the harsh bailout terms were put to a public vote, an action that plunged the EU into a further crisis of identity.

Even though the referendum was carried decisively by voters against the cuts, the prime minister was forced to reject its outcome and negotiate a rescue deal from foreign lenders that proved to be even harsher.

Final Straw

Tsipras claimed how he started questioning Varoufakis quite early on.

“He was the public image of the talks, the man who drew media attention, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”

When the minister outlined a contingency plan that included creating a parallel currency and issuing vouchers to retirees, Tsipras knew that it was game over and asked him: “Are you serious?”

Enduring Rebuke

Within the book, Tsipras asserts that his former ally demonstrated himself to be “unfit for an agreement demanding complex and sensitive management.”

Tsipras further claimed how his confrontational style made him more and more alone with colleagues, endangered the country, while assisted hardliners that were pushing for a Greek exit from the euro.

The retelling of events has been met with anger and stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.

Cynthia Fletcher
Cynthia Fletcher

A passionate gamer and tech writer with over a decade of experience covering console and PC gaming trends across Europe.