Ex-PM Alexis Tsipras Claims Yanis Varoufakis Proved ‘Inappropriate’ as Greece's Treasury Chief Amid Financial Meltdown

In a recently unveiled autobiography, called Ithaki, the former premier Tsipras pulls no punches as he reflects on the chaotic era of Greece's economic turmoil.

An Unconventional Appointment

In Tsipras's version, he chose that maverick academic Varoufakis to be the treasury head primarily due to his global profile along with Varoufakis's “extremely attractive” abilities when it came to speaker.

“He was, actually, more like a celebrity and less of an economist,” stated Tsipras.

Conflicting Priorities

Tsipras claims that Varoufakis had his own agenda which involved promoting his publications and experimenting with his own theories on Greece instead of truly advocating the country's economic stability.

Tsipras wrote that the discussions to prevent bankruptcy were “not just a way of achieving improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the truth of his theories.”

High-Stakes Talks

Amid volatile negotiations, the country came dangerously on the brink of exiting the eurozone.

At stake was not only Greece's future but also those severe cutbacks required in return for bailout funds from foreign lenders.

Failed Options

Attempts to secure funds elsewhere, including a desperate plea to Russia to buy Greek government bonds, went unanswered.

Helping Greece would be equivalent to throwing money in the trash-can, Putin reportedly told Tsipras in Moscow.

Public Vote Followed by Reversal

In July 2015, those harsh conditions were put to a popular referendum, a move which threw the EU into a deeper existential crisis.

Although the vote was won resoundingly by those against the cuts, the prime minister was forced but to reject its outcome and negotiate a bailout package with creditors which proved to be tougher.

Breaking Point

Tsipras claimed how he started questioning his finance minister quite early on.

“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the front pages of magazines globally … he gave the impression he relished the spotlight.”

When the minister outlined a backup strategy involving creating a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised it was the end and asked him: “Is this for real?”

Enduring Criticism

Within the memoir, Tsipras asserts that Varoufakis had proved himself “unfit for an agreement that required intricate and sensitive management.”

Tsipras further wrote how Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, while assisted hardliners that were pushing for Grexit.

This retelling of history has provoked fury along with shock in some quarters, while the former minister has maintained a conspicuous quiet regarding these claims.

Samantha Rodriguez
Samantha Rodriguez

Lena Voss is a full-stack developer and writer who advocates for minimalist tech stacks.