In a newly released memoir, called Ithaki, the ex- leader Tsipras pulls no punches while he revisits the chaotic period of Greece's debt drama.
An Unconventional Appointment
In Tsipras's recollections, Tsipras chose the unorthodox economist Varoufakis as his finance minister mainly due to the latter's international reputation and Varoufakis's highly compelling skills as a communicator.
“He was, in reality, more of a star rather than an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader claims that Varoufakis possessed a personal agenda which involved promoting Varoufakis's books as well as experimenting with his own theories using Greece rather than truly advocating its economic stability.
He explained that those discussions to avoid insolvency became “not only a method of achieving a better deal for the country. They were an experiment, an historic chance to demonstrate the truth of his ideas.”
Critical Negotiations
Amid volatile discussions, Greece came perilously close to leaving the eurozone.
At stake was not only Greece's future and the severe cutbacks demanded in exchange for rescue loans from foreign lenders.
Failed Options
Efforts to secure funds elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, the punitive conditions were put to a popular referendum, an action that threw Europe into further crisis of identity.
Even though the referendum was won decisively by voters against the cuts, Tsipras was forced but to ignore the result and negotiate a rescue deal from creditors that turned out to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who graced the front pages of magazines the world over … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy involving creating a secondary currency and issuing coupons to pensioners, the leader said he realised that it was game over questioning him: “Is this for real?”
Enduring Rebuke
In the memoir, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and delicate management.”
He further wrote how Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
The retelling of history has provoked anger and shock in some quarters, whereas the former minister has kept a deafening silence on the matter.