Ex-PM Alexis Tsipras Claims Varoufakis Proved ‘Inappropriate’ as Greece's Finance Minister During Financial Meltdown

Within his freshly published autobiography, named Ithaki, the ex- prime minister Tsipras pulls no punches while he examines the chaotic period of Greece's debt drama.

A Controversial Appointment

According to Tsipras's recollections, he appointed that unorthodox academic Yanis Varoufakis as the finance minister primarily because of the latter's worldwide fame and his “extremely attractive” skills as a communicator.

“In reality, he was, actually, more of a personality and less of an economic expert,” wrote Tsipras.

Conflicting Priorities

The former leader claims how his finance chief possessed his own agenda which included promoting Varoufakis's books and experimenting with his own economic models on Greece rather than genuinely fighting for the country's financial survival.

He wrote that the talks to prevent bankruptcy became “not only a method of achieving improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”

Critical Talks

During tense discussions, the country found itself dangerously on the brink of exiting the eurozone.

On the line was not only the country's future and the severe austerity policies required in return for bailout funds by foreign lenders.

Unsuccessful Options

Efforts to find financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.

Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader reportedly told Tsipras during their meeting.

Referendum Followed by Reversal

That summer, the harsh bailout terms were put to a public vote, an action which plunged the EU into a deeper crisis of identity.

Although the vote was carried decisively by voters who opposed austerity, the prime minister had little option to ignore the result and agree to a rescue deal from creditors that turned out to be more severe.

Final Straw

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

“He was the face of the talks, the man who attracted publicity, who appeared on the covers of publications the world over … he gave the impression he was enjoying the spotlight.”

After the minister outlined a contingency plan that included establishing a parallel currency and distributing vouchers to pensioners, Tsipras knew that it was the end questioning him: “Are you serious?”

Enduring Rebuke

Within the book, the author concludes that his former ally had proved himself to be “unfit for a deal demanding intricate and sensitive handling.”

Tsipras also claimed how Varoufakis's aggressive style made him increasingly isolated with colleagues, endangered the country, while helped hawks who were advocating a Greek exit from the euro.

The account of history has provoked fury and stunned disbelief among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.

Timothy Warren
Timothy Warren

A tech journalist with over a decade of experience covering AI, cybersecurity, and digital transformation across global markets.