In a newly released personal account, called Ithaki, the former premier Tsipras spares no criticism while he reflects on that chaotic period of Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's version, Tsipras chose the unorthodox academic Varoufakis as his finance minister primarily due to his worldwide fame and Varoufakis's very persuasive skills when it came to speaker.
“He was, actually, more like a star rather than an economist,” stated the 51-year-old.
Clashing Priorities
The former leader alleges how Varoufakis possessed a personal motives that included promoting Varoufakis's publications and testing out his own economic models on Greece instead of genuinely fighting for its financial survival.
He wrote that the talks to avoid insolvency became “not just a way to secure improved terms for Greece. They were a test, a monumental chance to demonstrate the validity of his theories.”
Critical Negotiations
Amid rollercoaster discussions, Greece came perilously close to exiting the eurozone.
On the line lay not only the country's destiny and those punishing austerity policies required in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to find financing elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Referendum Followed by Reversal
That summer, those excoriating bailout terms were subjected to a public vote, an action that threw Europe into further crisis of identity.
Even though the vote was won decisively by voters who opposed austerity, Tsipras was forced but to ignore the result and agree to a rescue deal from foreign lenders that proved to be more severe.
Breaking Point
The ex-PM claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency as well as issuing coupons to retirees, Tsipras said he realised it was the end and asked him: “Are you serious?”
Lasting Criticism
Within the memoir, the author concludes how his former ally had proved himself to be “unfit for a deal that required complex and delicate management.”
Tsipras also wrote that Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, and assisted hawks who were advocating Grexit.
The retelling of history has provoked anger along with stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet on the matter.
