Within his freshly published autobiography, titled Ithaki, the former leader Tsipras does not hold back while he reflects on that turbulent period during Greece's economic turmoil.
A Controversial Choice
According to Tsipras's version, Tsipras chose the maverick economist Varoufakis as the finance minister primarily because of the latter's international reputation along with his very persuasive abilities as a public orator.
“In reality, he was, actually, more like a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras alleges that Varoufakis possessed a personal motives that included advancing his books and experimenting with his own game theories on Greece instead of truly advocating the country's financial survival.
He explained how the discussions to stave off insolvency became “not only a method of achieving improved terms for Greece. They were an experiment, an historic chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile discussions, Greece found itself perilously close to exiting the single currency area.
At stake lay not only Greece's future but also those harsh austerity measures demanded in return for financial aid by foreign lenders.
Failed Options
Efforts to find financing elsewhere, including an urgent plea to Russia to purchase Greek bonds, went unanswered.
Assisting Greece was tantamount to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote and Reversal
In July 2015, the excoriating bailout terms were put to a public vote, an action which threw the EU into a deeper crisis of identity.
Although the vote was won resoundingly by those against austerity, the prime minister had little option to reject its outcome and agree to a bailout package from creditors which proved to be tougher.
Final Straw
Tsipras claimed how he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency as well as distributing vouchers to retirees, the leader knew that it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author concludes that Varoufakis had proved himself to be “unfit for a deal that required complex and delicate management.”
Tsipras also wrote that his aggressive style made him increasingly isolated among peers, endangered the country, and assisted hardliners who were advocating a Greek exit from the euro.
The account of history has been met with anger along with shock in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
