Ex-PM Tsipras Asserts Yanis Varoufakis Proved ‘Inappropriate’ as Greek Treasury Chief Amid Financial Meltdown

In a recently unveiled personal account, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he revisits that chaotic era during Greece's financial crisis.

An Unconventional Choice

As per Tsipras's version, he selected that maverick academic Yanis Varoufakis to be his treasury head largely due to the latter's international reputation and Varoufakis's very persuasive abilities when it came to speaker.

“He was, in reality, more of a star and less of an economist,” stated Tsipras.

Clashing Priorities

Tsipras suggests that his finance chief had his own motives that included advancing Varoufakis's books and testing out his economic models using Greece rather than genuinely advocating its financial survival.

Tsipras explained that the discussions to stave off bankruptcy were “not just a method to secure a better deal for Greece. They were a test, a monumental chance to demonstrate the validity of Varoufakis's ideas.”

Critical Talks

During tense negotiations, the country came dangerously close to leaving the single currency area.

On the line lay not only Greece's future and those punishing austerity policies required in exchange for bailout funds from international creditors.

Failed Alternatives

Efforts to secure funds from other sources, such as a desperate appeal to the Kremlin to buy Greek bonds, were rejected.

Assisting the indebted country was tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras in Moscow.

Public Vote Followed by Reversal

In July 2015, those punitive bailout terms were subjected to a public vote, a move which threw Europe into a deeper existential crisis.

Although the referendum was carried decisively by voters against austerity, the prime minister had little option to ignore the result and agree to a rescue deal with foreign lenders that proved to be tougher.

Breaking Point

The ex-PM claimed how he started questioning Varoufakis quite early on.

“He was the face of negotiation, the figure who drew publicity, who graced the front pages of magazines globally … it seemed he relished the spotlight.”

After Varoufakis proposed a backup strategy that included creating a secondary currency as well as distributing coupons to retirees, the leader said he realised it was game over and asked Varoufakis: “Can you be serious?”

Enduring Criticism

Within the memoir, Tsipras concludes how Varoufakis had proved himself “unfit for an agreement demanding intricate and delicate handling.”

Tsipras further wrote how Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were pushing for Grexit.

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