Former Prime Minister Alexis Tsipras States Varoufakis Was ‘Unsuitable’ for the role of Greek Finance Minister During Debt Crisis

In a recently unveiled memoir, titled Ithaki, the ex- leader Alexis Tsipras spares no criticism as he revisits the turbulent period of Greece's debt drama.

A Controversial Choice

According to Tsipras's account, he selected that unorthodox academic Yanis Varoufakis to be his finance minister largely due to the latter's global profile and his “extremely attractive” abilities as a communicator.

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

Clashing Priorities

Tsipras alleges that his finance chief had his own agenda that included advancing Varoufakis's books and testing out his game theories using the nation instead of genuinely advocating the country's economic stability.

He noted that the negotiations to stave off insolvency became “not just a method of achieving improved terms for the country. They were an experiment, an historic opportunity to prove the validity of his theories.”

High-Stakes Negotiations

Amid rollercoaster discussions, the country came perilously close to leaving the eurozone.

At stake lay both the country's destiny but also those punishing austerity measures required in return for bailout funds by foreign lenders.

Unsuccessful Options

Efforts to secure funds from other sources, such as a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.

Helping Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.

Referendum and U-Turn

That summer, those punitive conditions were subjected to a popular referendum, an action that plunged the EU into a further crisis of identity.

Even though the referendum was carried resoundingly by those against the cuts, Tsipras had little option to reject its outcome and agree to a rescue deal with foreign lenders which proved to be tougher.

Final Straw

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

“He was the face of negotiation, the figure who drew media attention, who graced the covers of magazines globally … it seemed he relished the spotlight.”

After Varoufakis outlined a contingency plan involving creating a secondary currency as well as distributing coupons to retirees, Tsipras knew it was the end questioning him: “Can you be serious?”

Enduring Rebuke

In the memoir, the author asserts that his former ally demonstrated himself to be “unfit for a deal demanding intricate and delicate handling.”

Tsipras further wrote that Varoufakis's aggressive approach made him more and more alone with colleagues, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.

This account of history has been met with anger along with shock among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.

Lisa Cole
Lisa Cole

Mira is a data scientist and tech writer specializing in analytics tools and digital transformation strategies.