Ex-PM Alexis Tsipras Claims Varoufakis Was ‘Unfit’ for the role of Greek Finance Minister Amid Financial Meltdown

In a recently unveiled autobiography, named Ithaki, the former prime minister Tsipras does not hold back while he reflects on that turbulent period during Greece's economic turmoil.

A Controversial Choice

As per Tsipras's account, he appointed the unorthodox academic Varoufakis as his treasury head primarily because of his global profile and his very persuasive skills as a speaker.

“He was, truthfully, more like a celebrity and less of an economic expert,” stated the 51-year-old.

Clashing Agendas

The former leader claims how Varoufakis had his own agenda that included advancing his books and testing out his game theories using Greece rather than genuinely advocating its economic stability.

He explained how those discussions to stave off insolvency were “not just a way of achieving a better deal for Greece. They were an experiment, an historic opportunity to prove the validity of Varoufakis's ideas.”

High-Stakes Negotiations

Amid tense negotiations, Greece came perilously close to leaving the eurozone.

On the line was both Greece's destiny but also those severe austerity policies required in return for bailout funds from international creditors.

Failed Options

Attempts to find financing from other sources, including an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.

Assisting Greece would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.

Referendum and U-Turn

That summer, the harsh bailout terms were subjected to a popular referendum, an action which threw Europe into further crisis of identity.

Even though the vote was carried resoundingly by voters who opposed austerity, Tsipras was forced to reject its outcome and negotiate a bailout package with creditors which turned out to be even harsher.

Breaking Point

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

“Varoufakis was the public image of the talks, the figure who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”

After the minister proposed a contingency plan involving establishing a parallel currency and distributing vouchers to pensioners, Tsipras said he realised it was game over and asked Varoufakis: “Are you serious?”

Enduring Rebuke

Within the book, Tsipras asserts that Varoufakis demonstrated himself “unfit for an agreement that required intricate and delicate management.”

He further wrote how his confrontational approach left him more and more alone with colleagues, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.

The retelling of history has been met with anger and stunned disbelief among certain groups, whereas the former minister has kept a conspicuous quiet regarding these claims.

Whitney Carey
Whitney Carey

A tech journalist and innovation strategist with over a decade of experience covering digital transformation and emerging technologies across Europe.