Within his recently unveiled autobiography, called Ithaki, the ex- leader Tsipras spares no criticism as he revisits that chaotic era during Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's account, he appointed the unorthodox economist Varoufakis as the finance minister largely because of his global profile along with his highly compelling skills when it came to speaker.
“He was, in reality, more of a personality and less of an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader claims that Varoufakis had a personal motives that involved promoting Varoufakis's books as well as experimenting with his theories on the nation rather than genuinely advocating its financial survival.
He noted that the discussions to avoid insolvency became “not only a method to secure improved terms for the country. They were an experiment, an historic opportunity to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During tense negotiations, the country found itself perilously close to exiting the eurozone.
On the line was both the country's future and the punishing cutbacks required in exchange for rescue loans from international creditors.
Unsuccessful Alternatives
Attempts to find funds elsewhere, including a desperate plea to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, those punitive bailout terms were put to a popular referendum, a move which threw Europe into a deeper crisis of identity.
Even though the vote was carried resoundingly by voters who opposed the cuts, Tsipras had little option to reject its outcome and negotiate a bailout package with creditors that proved to be tougher.
Breaking Point
Tsipras revealed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the figure who drew publicity, who appeared on the covers of magazines globally … he gave the impression he was enjoying his new role.”
After the minister outlined a contingency plan involving establishing a parallel currency and issuing coupons to retirees, Tsipras said he realised it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unsuitable for an agreement that required complex and delicate management.”
He also claimed that Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks that were pushing for a Greek exit from the euro.
This account of history has been met with fury along with shock in some quarters, whereas Varoufakis has kept a deafening silence on the matter.