Ex-PM Alexis Tsipras Claims Varoufakis Proved ‘Inappropriate’ as Greek Finance Minister Amid Financial Meltdown

In a freshly published memoir, called Ithaki, the ex- premier Tsipras pulls no punches as he examines that chaotic period of Greece's financial crisis.

A Controversial Appointment

In Tsipras's version, he appointed that unorthodox economist Varoufakis to be his finance minister mainly due to the latter's global profile along with his very persuasive abilities as a communicator.

“In reality, he was, actually, more of a celebrity rather than an economic expert,” wrote Tsipras.

Clashing Agendas

The former leader suggests how his finance chief possessed a personal agenda which included advancing his books as well as testing out his theories using the nation instead of genuinely fighting for its financial survival.

He explained how those talks to avoid insolvency became “not just a method to secure improved terms for the country. They were an experiment, an historic opportunity to demonstrate the truth of his theories.”

Critical Negotiations

During volatile negotiations, Greece came perilously on the brink of leaving the single currency area.

On the line was both the country's destiny but also those severe cutbacks demanded in exchange for bailout funds from foreign lenders.

Failed Alternatives

Attempts to find financing elsewhere, including a desperate plea to the Kremlin to buy Greek government bonds, were rejected.

Assisting Greece would be tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.

Public Vote and Reversal

In July 2015, those excoriating bailout terms were subjected to a public vote, a move which plunged Europe into a further crisis of identity.

Although the referendum was carried decisively by those against austerity, Tsipras had little option to ignore the result then negotiate a rescue deal with creditors that turned out to be tougher.

Final Straw

The ex-PM claimed how he started questioning Varoufakis quite early on.

“He was the public image of the talks, the man who attracted publicity, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”

When the minister proposed a contingency plan that included establishing a parallel currency as well as issuing coupons to retirees, Tsipras knew that it was game over and asked him: “Are you serious?”

Enduring Criticism

In the book, Tsipras concludes that Varoufakis demonstrated himself “unfit for an agreement demanding complex and delicate handling.”

Tsipras also claimed how his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were advocating Grexit.

This account of history has been met with fury and shock in some quarters, while the former minister has so far maintained a deafening silence on the matter.