Ex-PM Tsipras States Varoufakis Proved ‘Unsuitable’ as Greece's Finance Minister During Financial Meltdown

In a recently unveiled personal account, called Ithaki, the former prime minister Tsipras spares no criticism while he examines the turbulent era of Greece's economic turmoil.

A Controversial Appointment

According to Tsipras's account, he chose that unorthodox academic Varoufakis to be the finance minister largely due to his worldwide fame and his “extremely attractive” abilities as a speaker.

“In reality, he was, actually, more of a celebrity and less of an economic expert,” stated the 51-year-old.

Conflicting Priorities

Tsipras alleges that Varoufakis possessed a personal motives which included advancing his books as well as testing out his theories on the nation rather than genuinely advocating the country's economic stability.

He explained how the talks to prevent insolvency became “not only a method of achieving improved terms for Greece. They were an experiment, a monumental chance to demonstrate the validity of Varoufakis's ideas.”

Critical Negotiations

During rollercoaster negotiations, Greece came dangerously close to exiting the eurozone.

On the line lay both Greece's future and the punishing cutbacks demanded in return for financial aid by international creditors.

Unsuccessful Alternatives

Attempts to secure financing elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, went unanswered.

Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.

Referendum and Reversal

That summer, those punitive bailout terms were put to a public vote, an action which threw Europe into a deeper crisis of identity.

Even though the referendum was carried resoundingly by those who opposed the cuts, Tsipras was forced but to reject its outcome then agree to a rescue deal from creditors that turned out to be even harsher.

Final Straw

The ex-PM revealed how he started questioning his finance minister quite early on.

“He was the face of the talks, the figure who drew publicity, who graced the front pages of magazines globally … he gave the impression he relished his new role.”

After the minister outlined a backup strategy involving creating a parallel currency as well as issuing coupons to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”

Lasting Rebuke

In the book, the author concludes that Varoufakis had proved himself to be “unfit for a deal demanding complex and delicate management.”

He further wrote that his aggressive approach made him more and more alone with colleagues, endangered the country, and assisted hardliners who were pushing for Grexit.

The account of events has provoked fury and stunned disbelief in some quarters, while Varoufakis has so far kept a conspicuous quiet regarding these claims.