In a newly released memoir, called Ithaki, the ex- prime minister Tsipras spares no criticism while he examines that turbulent period of Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's account, he appointed the maverick economist Yanis Varoufakis to be the finance minister primarily because of his international reputation and Varoufakis's very persuasive abilities as a communicator.
“He was, truthfully, more like a celebrity and less of an economist,” wrote Tsipras.
Clashing Agendas
Tsipras alleges how Varoufakis possessed his own motives that involved advancing Varoufakis's books as well as experimenting with his own economic models on Greece rather than genuinely fighting for the country's economic stability.
He wrote that those talks to avoid bankruptcy were “not only a method to secure a better deal for the country. They were a test, an historic opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, the country found itself dangerously close to leaving the eurozone.
At stake lay both Greece's future and those harsh cutbacks required in return for financial aid by international creditors.
Failed Alternatives
Attempts to secure funds from other sources, such as an urgent appeal to the Kremlin to buy Greek bonds, were rejected.
Helping Greece would be equivalent to tossing cash in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, the harsh conditions were subjected to a popular referendum, a move that threw Europe into a deeper existential crisis.
Although the referendum was carried resoundingly by voters who opposed the cuts, the prime minister had little option to reject its outcome then negotiate a rescue deal from creditors which turned out to be tougher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the man who drew publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy involving establishing a secondary currency as well as issuing coupons to retirees, the leader said he realised that it was the end questioning him: “Can you be serious?”
Lasting Criticism
In the book, the author concludes that Varoufakis had proved himself to be “unfit for a deal that required complex and delicate handling.”
Tsipras also wrote that his confrontational approach made him increasingly isolated with colleagues, endangered the country, while assisted hawks that were advocating Grexit.
This retelling of history has been met with anger along with stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.