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In a newly released personal account, named Ithaki, the former prime minister Alexis Tsipras pulls no punches while he revisits the turbulent era during Greece's financial crisis.

A Controversial Choice

According to the ex-PM's account, Tsipras chose that unorthodox academic Varoufakis as the treasury head mainly due to his international reputation and Varoufakis's very persuasive abilities as a communicator.

“In reality, he was, actually, more of a star and less of an economist,” recalled the 51-year-old.

Conflicting Agendas

The former leader alleges that his finance chief had a personal motives that included advancing Varoufakis's books as well as experimenting with his own economic models on Greece rather than truly fighting for its economic stability.

He noted how the discussions to avoid bankruptcy were “not only a method of achieving a better deal for Greece. They were an experiment, a monumental opportunity to prove the truth of his theories.”

High-Stakes Negotiations

During tense discussions, the country came dangerously on the brink of leaving the eurozone.

At stake lay both Greece's future and those severe austerity measures required in return for rescue loans from international creditors.

Failed Options

Attempts to find financing elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.

Assisting Greece was equivalent to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.

Public Vote and Reversal

That summer, those harsh conditions were subjected to a public vote, a move that plunged Europe into deeper crisis of identity.

Although the referendum was carried resoundingly by voters who opposed austerity, the prime minister had little option but to ignore the result then negotiate a bailout package with foreign lenders that proved to be more severe.

Breaking Point

The ex-PM revealed how he began to doubt his finance minister relatively soon.

“He was the face of negotiation, the man who attracted publicity, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”

When the minister outlined a backup strategy involving creating a parallel currency as well as distributing vouchers to pensioners, the leader said he realised it was the end questioning him: “Are you serious?”

Enduring Criticism

Within the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive management.”

Tsipras further claimed how his aggressive approach left him more and more alone with colleagues, endangered the country, and assisted hardliners who were advocating Grexit.

This retelling of history has provoked anger along with shock in some quarters, while the former minister has so far kept a conspicuous quiet on the matter.