In a newly released personal account, called Ithaki, the former leader Tsipras spares no criticism as he revisits that chaotic era during Greece's debt drama.
An Unconventional Appointment
As per Tsipras's version, he selected the maverick academic Varoufakis to be the finance minister primarily because of the latter's global profile and his very persuasive skills when it came to speaker.
“In reality, he was, truthfully, more of a star rather than an economist,” wrote the 51-year-old.
Clashing Agendas
The former leader suggests that Varoufakis had his own agenda which included promoting Varoufakis's books and testing out his game theories using the nation rather than genuinely fighting for the country's economic stability.
He noted that those talks to stave off insolvency became “not just a way to secure improved terms for Greece. They were an experiment, a monumental opportunity to prove the truth of Varoufakis's economic theories.”
Critical Negotiations
Amid volatile negotiations, the country came dangerously on the brink of leaving the eurozone.
At stake lay both the country's destiny but also those severe cutbacks required in return for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece was tantamount to tossing cash in the trash-can, Putin reportedly informed Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those excoriating bailout terms were put to a public vote, an action which threw the EU into deeper existential crisis.
Even though the referendum was won resoundingly by those who opposed the cuts, the prime minister was forced but to ignore the result then negotiate a bailout package from creditors which turned out to be even harsher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the front pages of magazines globally … he gave the impression he relished the spotlight.”
When Varoufakis outlined a backup strategy that included establishing a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised it was game over and asked him: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras asserts how his former ally demonstrated himself to be “unsuitable for an agreement demanding complex and delicate management.”
He further claimed that his confrontational approach made him more and more alone with colleagues, endangered the country, while helped hardliners who were pushing for Grexit.
The account of events has been met with fury along with shock in some quarters, whereas the former minister has kept a conspicuous quiet regarding these claims.
