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Within his recently unveiled memoir, called Ithaki, the former prime minister Alexis Tsipras spares no criticism while he examines the chaotic period of Greece's economic turmoil.

A Controversial Choice

According to the ex-PM's recollections, he chose that maverick economist Varoufakis as his finance minister primarily due to his international reputation and Varoufakis's highly compelling skills as a public orator.

“In reality, he was, actually, more like a star and less of an economist,” stated Tsipras.

Conflicting Priorities

Tsipras suggests how his finance chief possessed a personal agenda which included promoting his books as well as testing out his economic models using Greece instead of genuinely advocating the country's economic stability.

He wrote that those talks to avoid bankruptcy were “not only a method to secure improved terms for the country. They were an experiment, an historic chance to prove the truth of his theories.”

High-Stakes Talks

During volatile negotiations, the country found itself dangerously close to exiting the single currency area.

At stake lay not only Greece's future and the severe austerity policies required in exchange for bailout funds by foreign lenders.

Failed Alternatives

Efforts to secure financing from other sources, such as a desperate plea to Russia to purchase Greek government bonds, were rejected.

Helping Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.

Public Vote Followed by Reversal

That summer, the harsh bailout terms were subjected to a public vote, an action that threw Europe into a deeper existential crisis.

Even though the vote was won decisively by voters who opposed austerity, Tsipras had little option to reject its outcome then agree to a rescue deal from foreign lenders which turned out to be tougher.

Final Straw

The ex-PM revealed how he started questioning Varoufakis quite early on.

“Varoufakis was the public image of the talks, the figure who attracted media attention, who graced the front pages of publications the world over … it seemed he relished the spotlight.”

After the minister proposed a contingency plan that included establishing a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was game over questioning him: “Are you serious?”

Lasting Rebuke

In the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for a deal that required complex and sensitive management.”

Tsipras further claimed that his aggressive approach made him increasingly isolated with colleagues, endangered the country, while assisted hawks that were advocating Grexit.

This retelling of history has provoked anger along with stunned disbelief among certain groups, while Varoufakis has so far kept a deafening silence on the matter.