In a freshly published autobiography, called Ithaki, the ex- prime minister Tsipras pulls no punches while he reflects on that chaotic era during Greece's economic turmoil.
A Controversial Appointment
As per Tsipras's account, he selected that maverick economist Varoufakis as his treasury head largely due to the latter's global profile and his very persuasive skills when it came to public orator.
“He was, truthfully, more of a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras suggests that Varoufakis had his own motives which involved advancing his books as well as experimenting with his economic models on Greece rather than genuinely fighting for its economic stability.
Tsipras explained how the negotiations to stave off bankruptcy were “not just a way to secure a better deal for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid tense negotiations, Greece found itself perilously on the brink of leaving the eurozone.
At stake lay not only the country's destiny but also those severe austerity measures demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, those excoriating bailout terms were put to a popular referendum, an action that threw Europe into deeper crisis of identity.
Although the vote was won decisively by voters who opposed austerity, Tsipras had little option to reject its outcome and agree to a bailout package with foreign lenders which turned out to be even harsher.
Breaking Point
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the face of the talks, the man who attracted media attention, who graced the front pages of publications globally … it seemed he relished the spotlight.”
When the minister outlined a contingency plan involving creating a parallel currency and distributing vouchers to retirees, the leader said he realised it was game over and asked Varoufakis: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras concludes how his former ally had proved himself to be “unfit for an agreement demanding intricate and delicate management.”
He further wrote how Varoufakis's confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were advocating Grexit.
The retelling of events has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.
