In a recently unveiled memoir, called Ithaki, the former premier Tsipras does not hold back as he revisits that chaotic period of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's version, Tsipras chose that maverick academic Varoufakis to be the treasury head largely because of his global profile along with his highly compelling abilities as a speaker.
“He was, truthfully, more of a personality rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras suggests how his finance chief possessed his own agenda which involved advancing Varoufakis's publications as well as testing out his own economic models using the nation rather than truly fighting for the country's economic stability.
He noted that the talks to prevent bankruptcy became “not only a method to secure improved terms for Greece. They became a test, an historic opportunity to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
Amid tense negotiations, the country came dangerously on the brink of leaving the single currency area.
At stake lay not only the country's destiny and those harsh austerity policies required in exchange for bailout funds by international creditors.
Failed Options
Efforts to find funds from other sources, including an urgent plea to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country would be tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, those excoriating bailout terms were put to a popular referendum, a move which plunged Europe into a further crisis of identity.
Even though the referendum was carried resoundingly by those who opposed the cuts, the prime minister was forced but to ignore the result and negotiate a bailout package with creditors which turned out to be even harsher.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who drew media attention, who appeared on the covers of magazines the world over … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency and distributing coupons to pensioners, the leader said he realised it was the end questioning Varoufakis: “Is this for real?”
Enduring Rebuke
In the book, Tsipras asserts that his former ally demonstrated himself to be “unfit for an agreement that required intricate and delicate management.”
Tsipras also wrote how his confrontational style made him more and more alone with colleagues, endangered the country, while assisted hardliners who were advocating Grexit.
The account of events has provoked fury along with shock in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.
