In a newly released personal account, named Ithaki, the former premier Tsipras pulls no punches while he reflects on that chaotic period of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's recollections, he chose the maverick economist Varoufakis as the finance minister largely due to his international reputation along with Varoufakis's very persuasive skills when it came to public orator.
“In reality, he was, truthfully, more of a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader suggests that his finance chief possessed his own motives which included advancing his books and testing out his own economic models using the nation rather than truly fighting for the country's economic stability.
He wrote how those discussions to stave off insolvency became “not only a method to secure a better deal for the country. They were an experiment, a monumental chance to prove the truth of his economic theories.”
Critical Negotiations
During rollercoaster negotiations, the country came perilously on the brink of exiting the single currency area.
At stake was both the country's destiny and those punishing cutbacks demanded in return for financial aid from foreign lenders.
Failed Options
Attempts to find financing elsewhere, including an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Referendum and Reversal
In July 2015, those punitive bailout terms were put to a public vote, a move that threw the EU into a further existential crisis.
Although the referendum was carried resoundingly by those who opposed the cuts, Tsipras had little option to ignore the result and negotiate a rescue deal from creditors that turned out to be tougher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who drew publicity, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a contingency plan that included establishing a parallel currency and issuing coupons to pensioners, Tsipras said he realised that it was game over questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the book, Tsipras concludes that his former ally had proved himself to be “unfit for an agreement that required intricate and delicate handling.”
He further claimed that his confrontational style made him more and more alone with colleagues, put Greece at risk, and assisted hawks who were pushing for Grexit.
This retelling of events has been met with anger along with shock among certain groups, whereas the former minister has kept a deafening silence regarding these claims.
