Within his freshly published autobiography, titled Ithaki, the former premier Tsipras spares no criticism while he reflects on that turbulent era during Greece's financial crisis.
A Controversial Choice
In the ex-PM's account, Tsipras appointed the maverick academic Varoufakis as his finance minister mainly due to his global profile and Varoufakis's “extremely attractive” skills as a public orator.
“He was, actually, more like a celebrity rather than an economist,” wrote Tsipras.
Clashing Priorities
The former leader alleges that Varoufakis possessed his own agenda which involved advancing his publications as well as testing out his theories using the nation instead of genuinely fighting for its economic stability.
Tsipras wrote how the discussions to prevent bankruptcy were “not just a method of achieving improved terms for Greece. They were a test, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Negotiations
Amid tense discussions, Greece found itself perilously on the brink of exiting the eurozone.
On the line was both Greece's future but also the punishing austerity measures required in return for financial aid from international creditors.
Unsuccessful Options
Efforts to find financing elsewhere, such as an urgent appeal to Russia to buy Greek bonds, were rejected.
Assisting the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, the excoriating bailout terms were put to a popular referendum, a move that threw the EU into a further existential crisis.
Even though the vote was won decisively by those against the cuts, the prime minister had little option to reject its outcome then agree to a bailout package from foreign lenders which turned out to be more severe.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the public image of the talks, the figure who attracted media attention, who graced the front pages of publications the world over … he gave the impression he relished his new role.”
After Varoufakis outlined a contingency plan involving creating a secondary currency and distributing coupons to retirees, Tsipras knew it was game over questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the book, Tsipras asserts that his former ally had proved himself to be “unfit for a deal that required complex and delicate handling.”
He further wrote how Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, and helped hardliners who were advocating Grexit.
This account of history has provoked anger along with shock among certain groups, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
