Ex-PM Tsipras States Varoufakis Proved ‘Unfit’ for the role of Greece's Treasury Chief Amid Financial Meltdown

In a newly released memoir, named Ithaki, the former prime minister Tsipras spares no criticism as he revisits that chaotic era during Greece's financial crisis.

An Unconventional Appointment

As per the ex-PM's recollections, he selected the maverick academic Varoufakis as his finance minister primarily due to his global profile along with his highly compelling skills as a speaker.

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

Conflicting Priorities

Tsipras claims how Varoufakis had his own motives that included advancing his publications and testing out his own theories on the nation rather than genuinely advocating its economic stability.

Tsipras wrote how the negotiations to stave off insolvency were “not just a method to secure improved terms for Greece. They were an experiment, an historic chance to demonstrate the validity of his economic theories.”

Critical Negotiations

Amid rollercoaster negotiations, the country came perilously close to leaving the single currency area.

At stake lay both Greece's future and those harsh cutbacks demanded in return for financial aid by international creditors.

Failed Alternatives

Attempts to find financing elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.

Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.

Public Vote and U-Turn

In July 2015, those excoriating bailout terms were put to a popular referendum, an action that threw the EU into a deeper crisis of identity.

Even though the vote was won resoundingly by voters against the cuts, the prime minister was forced to ignore the result and negotiate a bailout package with foreign lenders which turned out to be tougher.

Final Straw

Tsipras revealed that he began to doubt Varoufakis quite early on.

“He was the face of negotiation, the man who drew publicity, who graced the covers of publications globally … it seemed he relished the spotlight.”

When Varoufakis proposed a contingency plan involving creating a parallel currency and distributing vouchers to pensioners, the leader knew it was game over questioning him: “Are you serious?”

Enduring Rebuke

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

Tsipras further claimed that Varoufakis's aggressive approach left him more and more alone among peers, put Greece at risk, and helped hawks that were pushing for Grexit.

The account of history has been met with anger along with shock among certain groups, whereas Varoufakis has so far maintained a deafening silence on the matter.