Ex-PM Tsipras Claims Yanis Varoufakis Was ‘Unfit’ as Greek Finance Minister Amid Financial Meltdown

In a freshly published autobiography, named Ithaki, the former premier Tsipras spares no criticism while he reflects on the chaotic era of Greece's economic turmoil.

An Unconventional Choice

As per the ex-PM's recollections, he selected that maverick economist Varoufakis to be his treasury head largely due to the latter's worldwide fame and his very persuasive abilities as a public orator.

“In reality, he was, truthfully, more of a celebrity rather than an economist,” recalled the 51-year-old.

Clashing Priorities

Tsipras alleges that his finance chief possessed a personal motives that involved advancing Varoufakis's books and testing out his economic models using Greece rather than truly advocating the country's financial survival.

Tsipras wrote how the discussions to avoid bankruptcy became “not only a way to secure a better deal for the country. They were a test, a monumental opportunity to demonstrate the validity of his ideas.”

Critical Talks

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

At stake lay not only Greece's destiny and those severe austerity policies required in exchange for bailout funds by foreign lenders.

Failed Options

Efforts to secure funds elsewhere, including an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.

Assisting the indebted country would be equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.

Referendum and U-Turn

That summer, those harsh bailout terms were put to a public vote, a move that threw the EU into further crisis of identity.

Even though the vote was won decisively by voters against the cuts, Tsipras was forced but to reject its outcome then agree to a rescue deal from foreign lenders that proved to be more severe.

Final Straw

Tsipras claimed how he began to doubt his finance minister relatively soon.

“He was the face of the talks, the man who drew publicity, who graced the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”

After Varoufakis outlined a contingency plan that included creating a parallel currency as well as distributing vouchers to pensioners, Tsipras knew that it was game over questioning Varoufakis: “Is this for real?”

Lasting Criticism

In the book, the author concludes that his former ally had proved himself to be “unfit for an agreement demanding complex and delicate handling.”

He also claimed how Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, and helped hardliners who were pushing for Grexit.

This account of events has provoked anger and shock among certain groups, whereas the former minister has maintained a conspicuous quiet on the matter.

Melissa Pitts
Melissa Pitts

Elena is a former journalist turned content strategist, passionate about distilling complex topics into accessible insights for modern readers.