Former Prime Minister Alexis Tsipras States Yanis Varoufakis Was ‘Unfit’ for the role of Greek Treasury Chief During Debt Crisis

Within his recently unveiled autobiography, titled Ithaki, the former premier Alexis Tsipras pulls no punches while he revisits that turbulent era of Greece's economic turmoil.

A Controversial Appointment

As per Tsipras's account, he appointed the unorthodox economist Yanis Varoufakis to be the treasury head mainly due to his international reputation along with his “extremely attractive” abilities when it came to speaker.

“He was, truthfully, more of a celebrity and less of an economic expert,” wrote the 51-year-old.

Conflicting Agendas

Tsipras claims how his finance chief had his own agenda that included advancing Varoufakis's publications and testing out his own economic models on the nation rather than genuinely advocating the country's economic stability.

Tsipras wrote how those talks to prevent insolvency were “not just a way to secure a better deal for the country. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”

Critical Negotiations

Amid tense negotiations, the country found itself dangerously on the brink of leaving the eurozone.

On the line was both Greece's destiny but also those severe austerity policies demanded in exchange for financial aid by foreign lenders.

Unsuccessful Options

Efforts to find funds from other sources, such as a desperate plea to Russia to purchase Greek bonds, fell on stony ground.

Helping Greece would be equivalent to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.

Public Vote and U-Turn

In July 2015, the punitive bailout terms were put to a public vote, a move which plunged the EU into deeper existential crisis.

Even though the referendum was won decisively by voters against austerity, the prime minister had little option to reject its outcome and negotiate a rescue deal with creditors which proved to be tougher.

Final Straw

The ex-PM revealed how he began to doubt Varoufakis relatively soon.

“He was the face of the talks, the man who drew publicity, who graced the covers of magazines globally … he gave the impression he relished the spotlight.”

After Varoufakis proposed a backup strategy that included creating a parallel currency and issuing coupons to pensioners, the leader said he realised that it was game over questioning him: “Can you be serious?”

Enduring Criticism

Within the memoir, the author asserts how Varoufakis had proved himself “unfit for a deal that required intricate and sensitive handling.”

Tsipras further wrote how his aggressive style made him increasingly isolated among peers, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.

The account of events has provoked anger along with shock in some quarters, whereas the former minister has so far maintained a conspicuous quiet regarding these claims.