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

In a newly released memoir, called Ithaki, the former prime minister Tsipras does not hold back as he revisits the chaotic period during Greece's economic turmoil.

An Unconventional Appointment

As per the ex-PM's account, he chose that maverick academic Varoufakis to be his treasury head primarily because of his international reputation and his highly compelling abilities as a public orator.

“He was, actually, more of a celebrity and less of an economist,” stated the 51-year-old.

Clashing Agendas

Tsipras claims that his finance chief possessed a personal agenda which included advancing his books and testing out his own theories using Greece instead of truly fighting for the country's financial survival.

He wrote how the talks to avoid insolvency became “not just a way to secure improved terms for Greece. They became an experiment, an historic opportunity to demonstrate the validity of his economic theories.”

Critical Talks

During rollercoaster discussions, the country found itself dangerously close to leaving the single currency area.

On the line was both Greece's future but also those severe austerity policies required in return for rescue loans by international creditors.

Unsuccessful Options

Attempts to secure funds from other sources, such as an urgent plea to Russia to purchase Greek government bonds, were rejected.

Assisting the indebted country would be tantamount to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart in Moscow.

Public Vote and U-Turn

In July 2015, those harsh bailout terms were subjected to a public vote, an action that threw the EU into a further existential crisis.

Even though the referendum was carried decisively by voters against austerity, the prime minister was forced to reject its outcome then negotiate a rescue deal from foreign lenders that proved to be more severe.

Final Straw

The ex-PM revealed how he began to doubt his finance minister relatively soon.

“He was the public image of the talks, the figure who attracted publicity, who appeared on the covers of publications globally … it seemed he relished his new role.”

When Varoufakis outlined a contingency plan involving creating a secondary currency as well as distributing coupons to pensioners, Tsipras knew that it was game over and asked him: “Can you be serious?”

Lasting Rebuke

Within the book, the author asserts that his former ally demonstrated himself “unfit for a deal demanding complex and delicate handling.”

Tsipras also wrote how Varoufakis's aggressive style made him more and more alone among peers, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.

This retelling of history has been met with fury along with shock in some quarters, whereas the former minister has so far maintained a deafening silence on the matter.